TCRAP_Public/060721.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

              Friday, July 21, 2006, Vol. 9, No. 144

                            Headlines

A U S T R A L I A   &   N E W  Z E A L A N D

A&L SUSSMAN: Bank Appoints Receiver and Manager
ALKENT DEVELOPMENTS: Members Appoint Official Liquidator
ART LOUNGE: Appoints Peter Ngan as Liquidator
AWB LIMITED: AU Government Supports Single Desk, NZPA Says
DAIKYO REAL ESTATE: Enters Voluntary Wind-Up

EKGEKO PTY: Members and Creditors to Receive Wind-Up Report
FIVOVUS PTY: Members Agree on Voluntary Wind-Up
GONZO FORMWORK: To Declare Second Dividend on August 2
HARBORD DIGGER'S: Members Decide to Close Operations
HUON CORPORATION: Worker Strikes Start to Affect Customers

HYLAND DEVELOPMENTS: Names Ross Vile as Liquidator
I.G. & F.M. COLE: Placed Under Voluntary Liquidation
IWATANI INTERNATIONAL: Members to Receive Liquidators' Report
JORDAN TRANSPORT: Appoints Receivers and Managers
KINGS CREEK: Set to Declare Second Dividend on July 31

M1 MIDDLE CRESCENT: Liquidator Lindholm to Give Wind-Up Report
MANNE PTY: Wind-Up Process Commenced
MN ADMIN: Winds Up Business Operations
MORRISON ENGINEERING: Liquidator Reidy to Present Wind-Up Report
NIXDEN PTY: Inability to Pay Debt Prompts Wind-Up

PANASONIC AVC: Members Resolve to Wind Up Operations
PAVEMENT CONSTRUCTIONS: Enters Wind-Up Proceedings
ROTHO ENTERPRISES: Court to Hear Wind-Up Petition on July 31
SAEN OPTIONS: Members Opt to Shut Down Business Operations
STARBOC PTY: Members and Creditors to Hear the Wind-Up Report

STEWEN PTY: To Declare Dividend on August 13
TELSTRA CORPORATION: S. Trujillo Sacks Exec for "Misconduct"
WESTERN AUSTRALIA SUPERIOR: Names Official Liquidator


C H I N A   &   H O N G  K O N G

ASIA FINANCIAL: Creditors' Proofs of Claim Due on August 7
BANK OF CHINA (H.K.): Takes Lead in Mortgage Rate War
BRILLIANT DAY: Court Orders Wind-Up
CHINA SOUTHERN: Mulla Cargo Venture With Korean Air
EVERY LUCK: Wind-Up Process Commenced

GREEN APPLE: Court Issues Wind-Up Order
HODEX DEVELOPMENT: Enters Wind-Up Proceedings
JINXI ENTERPRISES: Court Issues Wind-Up Order
KARLFORD INDUSTRIAL: To Wind Up Business
KINGSWIN CONSULTANTS: Shuts Down Business Operations

SQUARE FUND: Appoints Joint Liquidators
YAU CHEUNG: Wind-Up Process Commenced
YUNNAN & H.K.: High Court Orders Wind-Up
* Chinese Airlines Lose CNY2.5 Billion to Fuel Hike


I N D I A

FORD MOTOR: Moody's Lowers Senior Unsecured Ratings to B2
FORD MOTOR: S&P Shaves Corporate Credit Rating to B+ from BB-
NATIONAL TEXTILE: Government Shortlists Three Rehab Advisors
SHIVA CEMENT: IFCI Offers INR9-Million Equity Participation


I N D O N E S I A

PERUSAHAAN LISTRIK: Loses IDR300 Million to Power Theft


J A P A N

JAPAN AIRLINES: Share Price Falls on Planned Stock Offering
SAPPORO HOLDINGS: Current Liabilities Outweigh Current Assets
SEIBU HOLDINGS: Trust Banks Sue Railway Unit Over Delisting


K O R E A

CHONG KUN DANG: Inks Drug Agreement With Scottish Biomedical
HANAROTELECOM: Five Months Add 21% More Subscribers


M A L A Y S I A

ANTAH HOLDINGS: Former Employee Files Lawsuit Against Unit
AVANGARDE RESOURCES: Public Shareholding Level Stands at 82.11%
KRETAM HOLDINGS: List and Quotes New Shares Today
LANKHORST BERHAD: Unveils 46.44% Public Shareholding Level
LANKHORST BERHAD: Notes Variance in Audited & Unaudited Results

MALAYSIA AIRLINES: Foreign Carriers Urged to Fly Dropped Routes
MBF HOLDINGS: Unit Strikes Deal to Buy PNG Assets
METROPLEX BERHAD: Court to Hear Judgment Appeal on Sept. 15
PARK MAY: Complies with Public Spread Requirement
TENCO BERHAD: Complies with Public Spread Requirement

TRU-TECH HOLDINGS: Defaults on Monthly Sinking Fund Deposit


P H I L I P P I N E S

BANCO DE ORO: First Quarter Income Hikes Up 25%
EQUITABLE PCI: Posts 25% Increase in First Quarter Net Income
MAYNILAD WATER: CA Orders to Reinstate Employees' Status
METROPOLITAN BANK: First Quarter Net Income Increases 12.7%
METROPOLITAN BANK: Wants Stronger Remittance Business in Europe

METROPOLITAN BANK: Reorganizes Management Structure
METROPOLITAN BANK: Signs PHP3B Notes Facility Deal with SM Prime


S I N G A P O R E

AMAZON TIMBER: Court to Hear Wind-Up Petition on July 28
APAC TECH: Enters Wind-Up Proceedings
ASIA-PACIFIC BULK: Pays Dividend to Creditors
CIVIL GEO: Wind-Up Petition Hearing Slated for July 28
LIANG HUAT: Appoints Independent Financial Adviser


T H A I L A N D

CIRCUIT ELECTRONICS: SEC Files Fraud Action Against Five Execs
TOTAL ACCESS: Fitch Affirms BB+ LT Foreign Issuer Default Rating
* Exporters Told to Prepare for Volatile Financial Markets


* Large Companies With Insolvent Balance Sheets

     - - - - - - - -

============================================  
A U S T R A L I A   &   N E W  Z E A L A N D
============================================  

A&L SUSSMAN: Bank Appoints Receiver and Manager
-----------------------------------------------
On June 16, 2006, the Bank of Western Australia Limited
appointed Brian Raymond Silvia as receiver and manager for
A&L Sussman Pty Limited.

The Receiver and Manager can be reached at:

         Brian Raymond Silvia
         Ferrier Hodgson
         Level 17, 2 Market Street
         Sydney
         Australia


ALKENT DEVELOPMENTS: Members Appoint Official Liquidator
--------------------------------------------------------
The members of Alkent Developments Pty Limited convened on
June 9, 2006, and passed a special resolution to wind up the
Company's business operations.

Subsequently, Nicholas Orfanos was appointed as liquidator.

The Liquidator can be reached at:

         Nicholas Orfanos
         Level 1, 147 Frome Street
         Adelaide, South Australia 5000
         Australia
         Telephone:(08) 8224 0440
         Facsimile:(08) 8224 0470
         e-mail: Nick.orfanos@adelaide.on.net


ART LOUNGE: Appoints Peter Ngan as Liquidator
---------------------------------------------
Members of The Art Lounge Gallery Pty Limited held a general
meeting on June 9, 2006, and agreed to shut down the Company's
business operations.

Peter Ngan was subsequently appointed as liquidator.

The Liquidator can be reached at:

         Peter Ngan
         Ngan & Co
         Chartered Accountants
         Level 5, 49 Market Street
         Sydney, New South Wales 2000
         Australia


AWB LIMITED: AU Government Supports Single Desk, NZPA Says
----------------------------------------------------------
The Australian Government supports the country's wheat export
monopoly and would take into account farmer support for its
continued operation by AWB Ltd., Stuff.co reports, citing
Agriculture Minister Peter McGauran.

Minister McGauran, however, said that the Government would not
make any decisions on possible industry changes until an inquiry
into AWB's payment of alleged kickbacks to former Iraqi
President Saddam Hussein's regime would be completed, Stuff.co
relates.

As reported in the Troubled Company Reporter - Asia Pacific on
July 20, 2006, the deadline for Commissioner Terence Cole -- who
heads the inquiry into the AWB Kickback Scandal -- to submit a
report relating to the Inquiry has been extended until the end
of September.

Moreover, on July 5, 2006, the TCR-AP stated that the Western
Australian Farmers Federation and the Victorian Farmers
Federation have joined growing calls to keep the single desk
wheat marketing system.

The New Zealand Press Association relates that Australia's
biggest farmers group, the New South Wales Farmers Association,
also voted to support the single desk, and its operation by AWB
International, a subsidiary of AWB Limited.

According to NZPA, the Government's decision on whether to
reorganize wheat exports is expected after Commissioner Cole's
report is handed down.  Minister McGauran said that the
Government would back the single desk so long as it remains in
the interests of growers and also in the national interest.

Stuff.co recounts that the Australian system has long been
opposed by the United States, the world's largest wheat
exporter, which has been pressing the Australian Government in
trade negotiations and in the World Trade Organization to
dismantle the export monopoly, which it says is anti-
competitive.

The Australian Government has said that the monopoly is needed
to balance un-subsidized Australian wheat's competitive position
on export markets with heavily-subsidized U.S. wheat, NZPA
notes.

In addition to its support for the single desk, NSWFA urged
improved corporate governance within AWB, and called for more
transparency, Stuff.co says.

                          About AWB

AWB Limited -- http://www.awb.com.au/-- is Australia's leading  
agribusiness and one of the world's largest wheat marketing
companies.  It is also one of Australia's top 100 publicly
listed companies.  The Company is the exclusive manager and
marketer of all Australian bulk wheat exports through what is
known as the Single Desk.  The Company markets wheat, and a
range of other grains, into more than 50 countries, with
Australian wheat exports worth up to AU$5 billion per year.  
AWB's footprint includes more than 430 outlets through its
subsidiary landmark and has offices across the world.  The
company employs more than 2,700 staff reaching over 100,000
customers.  AWB is also one of the nation's largest suppliers of
rural merchandise, distributors of fertilizer, marketers of
livestock, brokers of rural real estate and handlers of wool.

Previously a low profile organization, AWB made headlines in
late 2005 when it was accused of knowingly paying AU$290 million
in kickbacks to the Government of Iraq, under Saddam Hussein's
administration, through the United Nation's oil-for-food
program.  A UN report then found out that AWB paid the kickbacks
to a Jordanian trucking company linked to Hussein's deposed
regime.  The Australian Government then appointed a commission,
headed by retired judge Terence Cole, to investigate into the
Company's role in and the Government's alleged "knowledge" of
the scandal.  The "Cole Inquiry" is currently underway.  The
scandal is anticipated to create great political repercussions
to the Australian Government, given the country's contribution
to military action against President Hussein in the 2003
invasion of Iraq.


DAIKYO REAL ESTATE: Enters Voluntary Wind-Up
--------------------------------------------
After an extraordinary general meeting on June 21, 2006, the
members of Daikyo Real Estate Pty Limited decided to voluntarily
wind up the Company's operations.

In this regard, Robert Hutson and John Park were appointed as
liquidators.

The Liquidators can be reached at:

         Robert Hutson
         John Park
         KordaMentha (Qld)
         Level 2, Corporate Centre One
         2 Corporate Court
         Bundall, Queensland 4217
         Australia
         Telephone:(07) 5574 1322
         Facsimile:(07) 5574 1433


EKGEKO PTY: Members and Creditors to Receive Wind-Up Report
-----------------------------------------------------------
A final meeting of the members and creditors of Ekgeko Pty
Limited will be held on July 28, 2006, at 10:00 a.m.

During the meeting, they will receive Liquidator Reidy's final
account showing how the Company was wound up and how its
property was disposed of.

As reported by the Troubled Company Reporter - Asia Pacific on
Sept. 8, 2005, the Company wound up its operations on August 4,
2006, due to its inability to pay its debts.

The Liquidator can be reached at:

         Geoffrey Reidy
         c/o Rodgers Reidy
         Level 8, 333 George Street
         Sydney, New South Wales 2000
         Australia


FIVOVUS PTY: Members Agree on Voluntary Wind-Up
-----------------------------------------------
At a general meeting on June 22, 2006, the members of Fivovus
Pty Limited resolved to close the Company's business operations
and distribute the proceeds of its assets disposal.

Subsequently, Frank Anthony Mason was appointed as liquidator.

The Liquidator can be reached at:

         Frank Anthony Mason
         Capricorn Business Services
         Suite 4 Level 5 56 Station Street
         Parramatta, New South Wales 2150
         Australia


GONZO FORMWORK: To Declare Second Dividend on August 2
------------------------------------------------------
Gonzo Formwork Pty Limited will declare its second dividend on
August 2, 2006, to the exclusion of creditors who were not able
to prove their claims.

The Troubled Company Reporter - Asia Pacific recounts that the
Company declared its first dividend on May 3, 2006.

The liquidator can be reached at:

         Ross Duus
         Duus & Co
         Level 4, 31 Sherwood Road
         Toowong, Queensland 4066
         Australia
         Telephone:(07) 3870 7388
         Facsimile:(07) 3870 4844


HARBORD DIGGER'S: Members Decide to Close Operations
----------------------------------------------------
Members of The Harbord Digger's Memorial Club Limited held a
general meeting on June 18, 2006, and resolved to wind up the
Company's business operations.

Subsequently, Gregory Alexander Russell was appointed as
liquidator.

The Liquidator can be reached at:

         Gregory Alexander Russell
         Russell Corporate Advisory
         Suite 304, Level 3, 97 Pacific Highway
         North Sydney
         New South Wales 2060
         Australia


HUON CORPORATION: Worker Strikes Start to Affect Customers
----------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
July 18, 2006, around 600 workers went on strike at Huon Corp.'s
three factories -- Empire Rubber, FRN, and Mills Elastomers --
after 122 job losses were announced.

The TCR-AP report cited administrator Ken Sellars, of
SimsPartners, as saying that there will be a degree of pressure
applied to the car companies while the strikes are in place.

In an update, The Age relates that workers at Ford Motors -- one
of Huon Corp.'s customers -- could soon be stood down as the
strikes start to affect the car industry.

Citing Ford spokeswoman Sinead McAlary, Meaghan Shaw of The Age
says that about 2,000 workers at Ford's Broadmeadows plant and
another 2,000 at its Geelong plant will be stood down starting
July 21, 2006, if the strikes at Huon Corp. are not resolved.

The warning comes as Huon's administrators take Supreme Court
action against Huon's directors to try to recover more than
AU$30 million in entitlements owed to its workers.

The TCR-AP earlier reported that there was AU$30 million owing
to the workers at the three factories and redundancies were
offered without the promise of any entitlements being paid out.  
The report said that it was understood that Huon's managing
director John Schulz diverted Empire Rubber's property holdings
into personally linked interests shortly after buying the firm
from Nylex Limited in December 2005.  

The TCR-AP also noted that Mr. Sellars has confirmed that Mr.
Schulz's transactions were being investigated.

The Age notes that Ford is not seeking orders from the
Australian Industrial Relations Commission to stop the
industrial action, which it can do as an affected third party,
but has said that it will wait and let the administrator handle
the matter.

The other Huon clients -- Toyota, Holden, and Bosch -- said that
there was no immediate impact on their supplies, The Age says.  
However, another customer, PBR, believes that the strikes will
start to affect supplies next week.

                        *     *     *

Based in Victoria, Australia, Huon Corp. manufactures car parts.
It has factories that supply parts including air intake hoses,
steering column covers, rubber seals, and fuel filler shields to
major car companies like Toyota, Holden, Ford, and PBR.

Huon Corp. went into voluntary administration after concerns
about its financial situation, saying the failure to perform
occurred after it purchased Empire Rubber, and Melbourne-based
firms FRN and Mills Elastomers from Nylex Ltd., in December
2005.


HYLAND DEVELOPMENTS: Names Ross Vile as Liquidator
--------------------------------------------------
Members of Hyland Developments Pty Limited convened on
June 20, 2006,and decided to liquidate the Company's business
operations.

In this regard, Ross Vile was appointed as liquidator.

The Liquidator can be reached at:

         Ross Vile
         R. A. Vile Chartered Accountant
         21st Floor, 300 Queen Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3228 4000


I.G. & F.M. COLE: Placed Under Voluntary Liquidation
----------------------------------------------------
At a general meeting of I.G. & F.M. Cole Pty Limited on
June 23, 2006, members passed a special resolution to
voluntarily wind up the Company's business operations and
distribute its assets.

The liquidator can be reached at:

         James Joseph Murphy
         JJ Murphy & Associates
         9 Ashgrove Avenue
         Ashgrove, Queensland 4060
         Australia


IWATANI INTERNATIONAL: Members to Receive Liquidators' Report
-------------------------------------------------------------
Members of Iwatani International Corporation (Australia) Pty
Limited will convene on July 27, 2006, at 10:00 a.m., to receive
Liquidators David Clement Pratt and Timothy James Cuming's
accounts of the Company's wind-up and property disposal
exercises.

As reported by the Troubled Company Reporter - Asia Pacific on
May 8, 2006, the Company was placed under members' voluntary
wind-up on March 21, 2006.

The Liquidators can be reached at:

         David Clement Pratt
         Timothy James Cuming
         PricewaterhouseCoopers
         Level 15, 201 Sussex Street
         Sydney, New South Wales 1171
         Australia


JORDAN TRANSPORT: Appoints Receivers and Managers
-------------------------------------------------
On June 8, 2006, Bibby Financial Services Australia Pty Limited
appointed Ginette Muller and Lachlan McIntosh as joint and
several receivers and managers for Jordan Transport Pty Limited.

The Receivers and Managers can be reached at:

         Bibby Financial Services Australia Pty Ltd
         Level 3, 69 Regent Street
         Clippendale, New South Wales
         Australia
         Telephone:(07) 3004 3404
         Facsimile:(02) 3211 8955


KINGS CREEK: Set to Declare Second Dividend on July 31
------------------------------------------------------
Kings Creek Winery Pty Limited will declare its second dividend
on July 31, 2006, to the exclusion of creditors who were not
able to prove their claims by July 17, 2006.

As reported by the Troubled Company Reporter - Asia Pacific, the
Company declared its first dividend on August 2, 2006.

The Liquidator can be reached at:

         C. P. White
         HLB Mann Judd Chartered Accountants
         Level 1, 160 Queen Street
         Melbourne, Victoria 3000
         Australia


M1 MIDDLE CRESCENT: Liquidator Lindholm to Give Wind-Up Report
--------------------------------------------------------------
Members and creditors of M1 Middle Crescent Pty Limited will
hold a meeting on July 31, 2006, at 10:30 a.m. for them to
receive Liquidator John Lindholm 's final account showing how
the Company was wound up and how its property was disposed of.

The Company was placed into voluntary wind-up on June 15, 2005,
the Troubled Company Reporter - Asia Pacific recounts.

The Liquidator can be reached at:

         John Lindholm
         Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia


MANNE PTY: Wind-Up Process Commenced
------------------------------------
At a general meeting of the members of Manne Pty Limited on
June 21, 2006, it was agreed that a voluntary wind-up of the
Company's operations is appropriate and necessary.

Salman Haq was subsequently appointed as liquidator.

The Liquidator can be reached at:

         Salman Haq
         Level 8, 65 York Street
         Sydney, New South Wales 2000
         Australia


MN ADMIN: Winds Up Business Operations
--------------------------------------
After an extraordinary general meeting on June 22, 2006, the
members of MN Admin Pty Limited decided to voluntarily wind up
the Company's operations.

Ezio Marco Senatore and Stephen Brennan were subsequently named
liquidators at a creditors' meeting held later that day.

The Liquidators can be reached at:

         Ezio Marco Senatore
         Stephen Brennan
         Senatore Brennan Rashid
         Level 7
         28 University Avenue Canberra
         Australian Capital Territory 2601
         Australia
         Telephone:(02) 6214 6700
         Facsimile:(02) 6214 6799


MORRISON ENGINEERING: Liquidator Reidy to Present Wind-Up Report
----------------------------------------------------------------
A final meeting of the members and creditors of Morrison
Engineering Services Pty Limited will be conducted on
July 27, 2006, at 10:00 a.m.

During the meeting, Liquidator Geoffrey Reidy will present the
accounts of the Company's wind-up operations.

According to the Troubled Company Reporter - Asia Pacific, the
Company wound up its business operations on October 26, 2005,
due to its inability to pay its debts.

The Liquidator can be reached at:

         Geoffrey Reidy
         Rodgers Reidy
         Level 8, 333 George Street
         Sydney, New South Wales 2000
         Australia


NIXDEN PTY: Inability to Pay Debt Prompts Wind-Up
-------------------------------------------------
The members and creditors of Nixden Pty Limited met on
June 23, 2006, and resolved to wind up the Company's business
operations due to its inability to pay debts.

The liquidator can be reached at:

         Richard Albarran
         c/o Hall Chadwick
         Level 29, 31 Market Street
         Sydney, New South Wales 2000
         Australia


PANASONIC AVC: Members Resolve to Wind Up Operations
----------------------------------------------------
The members of Panasonic AVC Networks Australia Pty Limited held
a meeting on June 23, 2006, and passed a special resolution to
wind up the Company's business operations.

The liquidators can be reached at:

         David Clement Pratt
         Timothy James Cuming
         Level 15, 201 Sussex Street
         Sydney, New South Wales 1171
         Australia


PAVEMENT CONSTRUCTIONS: Enters Wind-Up Proceedings
--------------------------------------------------
The members of Pavement Constructions (NSW) Pty Limited held a
meeting on June 23, 2006, and resolved to wind up the Company's
business operations.

Subsequently, Martin J. Green was appointed as liquidator.

The Liquidator can be reached at:

         Martin J. Green
         GHK Green Krejci
         Level 13, 1 Castlereagh Street
         Sydney, New South Wales 2000
         Australia


ROTHO ENTERPRISES: Court to Hear Wind-Up Petition on July 31
------------------------------------------------------------
A wind-up petition against Rotho Enterprises Pty Limited will be
heard before the Supreme Court of Queensland on July 31, 2006,
at 9:30 a.m.

Tunnel Boring Australia Pty Limited filed the wind-up petition
on June 9, 2006.

The Petitioner's solicitors can be reached at:

         c/o Hynes Lawyers
         Level 6, 50 Appel Street
         Surfers Paradise, Queensland 4217
         Australia
         Telephone:(07) 5592 6698
         Facsimile:(07) 5592 6643
         e-mail: Ian.Bisson@hyneslawyers.com.au


SAEN OPTIONS: Members Opt to Shut Down Business Operations
----------------------------------------------------------
The members of Saen Options Australia Pty Limited convened on
June 19, 2006, and decided that the Company should wind up its
operations voluntarily.

The liquidator can be reached at:

         Adrian Raftery
         ARW Chartered Accountants
         1202, 92 Pitt Street
         Sydney, New South Wales 2000
         Australia


STARBOC PTY: Members and Creditors to Hear the Wind-Up Report
-------------------------------------------------------------
A final meeting of the members and creditors of Starboc Pty
Limited will be held on July 31, 2006, at 10:00 a.m.

During the meeting, Liquidator Andrew Mclellan will report on
the Company's wind-up activities.

As reported by the Troubled Company Reporter - Asia Pacific, the
Company wound up its business operations on October 26, 2005.

The liquidator can be reached at:

         Andrew Mclellan
         PPB Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia


STEWEN PTY: To Declare Dividend on August 13
--------------------------------------------
Stewen Pty Limited notifies parties-in-interest of its intention
to declare its first and final dividend.

Creditors who were not able to file their proofs of claim on
July 5, 2006, will be excluded from sharing in the dividend
distribution.

The Company commenced a wind-up of its operations on June 1,
2006, The Troubled Company Reporter - Asia Pacific recounts.

The liquidator can be reached at:

         Mark Pearce
         c/o Pearce & Heers Insolvency Accountants
         Level 8, 410 Queen Street
         Brisbane, Queensland 4000
         Australia


TELSTRA CORPORATION: S. Trujillo Sacks Exec for "Misconduct"
------------------------------------------------------------
Telstra Chief Executive Officer Sol Trujillo sacked a senior
Telstra executive for allegedly leaking confidential
information, Fleur Leyden of the Herald Sun reports.

A Telstra spokesman told BusinessDaily that "[l]ike many
companies, Telstra retains information including emails as part
of our overall records management and to support our legal
compliance obligations.  Staff are aware of this."

After a report in the industry publication Communications Day
about the sudden departure of Andrew Johnson, Telstra's managing
director for Strategic Initiatives Lead, Mr. Trujillo wrote to
Telstra staff saying that a senior executive had been dismissed
for "serious misconduct," the Herald Sun relates.

"It was found that he had breached his contract of employment in
relation to confidentiality obligations and Telstra policies
about unauthorized contact with the media," the paper cites Mr.
Trujillo as saying.

Mr. Johnson, who was not named in Mr. Trujillo's memo, has
worked in various roles at Telstra since 2001, the Herald Sun
notes, adding that he is the third senior executive to leave the
Network and Technology group in less than six months.

In his letter to staff, Mr. Trujillo said that he was
particularly concerned that the employee had "disregarded
longstanding, effective, and easily accessible company
processes" for airing his grievances.

"His decision to bypass proper channels for expressing
dissenting views was incompatible with his obligations as an
employee -- obligations that apply to each of us -- so he was
dismissed," Mr. Trujillo added.

According to the Herald Sun, Mr. Trujillo said that the
dismissal followed an investigation that was reviewed by senior
management.  He stated that staff had avenues to voice concerns
about Telstra's operations or business direction, and the
company also operated a confidential whisteblower service.

The Herald Sun recounts that the group's managing director
network engineering, Ken Benson, left in February 2006 and
another executive Bill Felix, left in May 2006.

                         About Telstra

Headquartered at Melbourne, in Victoria, Australia, Telstra
Corporation -- http://www.telstra.com.au/-- is an Australian  
telecommunications and information services company.  Telstra
offers a full range of services and compete in all
telecommunications markets throughout Australia, providing more
than 10.3 million Australian fixed line and more than 6.5  
million mobile services.  In September 2005, Telstra suffered an
earnings downgrade and share price fall.  The Company announced
that its earnings before interest and tax in 2005/06 are  
expected to decline by 7-10% compared to that of 2004/05 as a
result of accelerating declines in public switched telephone
network revenues and softening growth in the mobiles market due  
to aggressive pricing.  Also, the political furor surrounding
Telstra has strengthened the Government's resolve to dispose of
its remaining 51% majority interest in the Company.  The  
Australian Securities and Investment Commission then commenced
an investigation into Telstra in connection with the Company's
compliance with its disclosure obligations following the  
earnings downgrade.  This led to a number of Telstra
shareholders and class action claimants showing anger and dismay
over the telco's behavior.  In November 2005, after a four-month  
review, Telstra Chief Executive Officer Sol Trujillo announced a
major restructure of the Company, one which involves the loss of
thousands of jobs over the next five years and a massive  
investment in new networks which will help deliver bigger profit
margins.


WESTERN AUSTRALIA SUPERIOR: Names Official Liquidator
-----------------------------------------------------
The members and creditors of Western Australia Superior Salads
Pty Limited convened on June 26, 2006, and decided to wind up
the Company's business operations.

Subsequently, Roger Roy Nicholas was appointed as liquidator.

The Liquidator can be reached at:

         Roger Roy Nicholas
         MSI Marsdens
         Certified Practicing Accountants
         565 Hay Street
         Daglish, Western Australia 6008
         Australia


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C H I N A   &   H O N G  K O N G
================================

ASIA FINANCIAL: Creditors' Proofs of Claim Due on August 7
----------------------------------------------------------
Creditors of Asia Financial (Assets Management) Ltd are required
to submit their proofs of claim by August 7, 2006.

Failure to comply with the requirement will exclude a creditor
from sharing in any distribution the Company will make.

Proofs of claim must be forwarded to the joint liquidators at:

         Cosimo Borrelli
         5th Floor, Allied Kajima Bldg
         138 Gloucester Road, Wanchai
         Hong Kong


BANK OF CHINA (H.K.): Takes Lead in Mortgage Rate War
-----------------------------------------------------
Bank of China (Hong Kong) is making headway in cutting its
mortgage discount rate ahead among lenders, The Standard
reports.  The move was expected to generate cash from renewed
residential property and to recover lost market share.

According to The Standard, BOC has issued an internal notice
instructing staff to offer mortgages at prime minus 3.1
percentage points to customers.  With its prime rate at 8.25,
its mortgage rate now stands at 5.15.

However, The Standard notes that the new rate would be effective
for the first two years of the loan, after which a slightly
higher rate would apply.

Despite BOC's latest move, rival HSBC said it would hold its
mortgage rate at prime minus 2.75.  A spokeswoman for HSBC told
The Standard that they are on the review of the market and there
are still no plans to alter mortgage rate.

Established on October 1, 2001, Bank of China (Hong Kong)
Limited - http://www.bochk.com/- is a locally incorporated  
licensed bank.  It has combined the businesses of ten of the
twelve banks in Hong Kong originally belonging to the Bank of
China Group.  In addition, it holds shares in Nanyang Commercial
Bank Limited and Chiyu Banking Corporation Limited, both of
which are incorporated in Hong Kong, as well as BOC Credit Card
(International) Limited.

Fitch Ratings on June 18, 2006, upgraded the individual rating
of Bank of China Hong Kong Limited to "B", from "B/C".  At the
same time, the agency affirmed the bank's Long-term foreign
currency Issuer Default Rating of "A", its Short-term foreign
currency rating of "F1", and its Support rating of "2".  The
Outlook on the ratings is Stable.


BRILLIANT DAY: Court Orders Wind-Up
-----------------------------------
The High Court of Hong Kong on June 16, 2006, ordered the wind-
up of Brilliant Day Ltd's operations.

The wind-up petition was filed before the Court on November 7,
2005.


CHINA SOUTHERN: Mulla Cargo Venture With Korean Air
---------------------------------------------------
China Southern Airlines plans to set up an air cargo venture
with Korean Air to take advantage of the export industry in the
Pearl River Region, The Standard reports.

According to The Standard, China Southern confirmed that it is
keen on forging a cargo venture with one or more foreign
companies and that negotiations are under way.

"We are still discussing with a number of foreign companies,
including a member of Skyteam, but no agreement has been
reached," China Southern director Xu Jie-bo told The Standard.

The Standard recounts that China Southern last month signed an
agreement that will ultimately lead to membership of Skyteam --
an airline grouping that competes with Star Alliance and
"oneworld" and whose 10 members include Korean Air, Air France-
KLM, US-based Continental and Northwest Airlines, and Aeroflot.

According to The Standard, Chinese carriers like China Southern,
which earns most of its revenue from passenger operations, are
motivated to set up cargo operations along the Pearl Delta
regions because of its surging exports economy.

The Pearl Delta Region accounts for about 30% of mainland's
export industry, The Standard relates.

The Standard says that Air China, and China Eastern Airlines are
also planning to set up cargo operation with in the region.  
Moreover, China Southern will also have to compete with Jade
Cargo -- a joint venture between Shenzhen Airlines and Lufthansa
Cargo -- which would start operation next month.

                          *     *     *

Headquartered in Guangzhou, China, China Southern Airlines Co
Ltd. -- http://www.cs-air.com-- engages in the operation of  
airlines, as well as in aircraft maintenance and air catering
operations in the People's Republic of China and
internationally.  It provides commercial airlines, cargo
services, logistics operations, air catering, utility service,
hotel operation, travel services, aircraft leasing, and Internet
services.

On May 1, 2006, Fitch Ratings has downgraded China Southern
Airlines Company Limited's Foreign Currency and Local Currency
Issuer Default Ratings to B+ from BB-.

The Troubled Company Reporter - Asia Pacific reported in April
2006, that the carrier posted a net loss of CNY1.85 billion for
2005 versus a net loss of CNY48 million a year earlier.


EVERY LUCK: Wind-Up Process Commenced
-------------------------------------
Every Luck Development Ltd commenced a wind-up of its business
operations on July 5, 2006, as ordered by the High Court of Hong
Kong.

The Court received the wind-up bid on May 9, 2006.


GREEN APPLE: Court Issues Wind-Up Order
---------------------------------------
The High Court of Hong Kong on July 5, 2006, ordered that the
business operations of Green Apple Foods Ltd be wound up.

The wind-up petition was filed before the Court on May 8, 2006.


HODEX DEVELOPMENT: Enters Wind-Up Proceedings
---------------------------------------------
Hodex Development Ltd received a wind-up order from the High
Court of Hong Kong on July 5, 2006.

The wind-up petition was presented before the Court in November
2005.


JINXI ENTERPRISES: Court Issues Wind-Up Order
---------------------------------------------
A wind-up petition against Jinxi Enterprises was presented
before the High Court of Hong Kong on April 12, 2006.

On July 5, 2006, the Court issued an order in favor of the wind-
up petition.


KARLFORD INDUSTRIAL: To Wind Up Business
----------------------------------------
On July 5, 2006, the High Court of Hong Kong ordered the wind-up
of Karlford Industrial Ltd.

The wind-up petition was filed with the Court on May 8, 2006.


KINGSWIN CONSULTANTS: Shuts Down Business Operations
----------------------------------------------------
The High Court of Hong Kong on July 5, 2006, ordered the wind-up
of Kingswin Consultants Ltd's operations.

The Court received the wind-up petition on May 9, 2006.


SQUARE FUND: Appoints Joint Liquidators
---------------------------------------
Kenny King Ching Tam and Mat Ng were appointed joint and several
liquidators for Square Fund Industrial Ltd on May 17, 2006.

The joint liquidators can be reached at:

         Mat Ng
         17th Floor, Chun Wo
         Commercial Centre
         23 Wing Wo Street
         Central, Hong Kong


YAU CHEUNG: Wind-Up Process Commenced
-------------------------------------
Yau Cheung Transportation Co Ltd commenced a wind-up of its
operations on July 5, 2006, as ordered by the High Court of Hong
Kong.

The Court received the wind-up bid on May 10, 2006.


YUNNAN & H.K.: High Court Orders Wind-Up
----------------------------------------
The High Court of Hong Kong on July 5, 2006, ordered the wind-up
of Yunnan & Hong Kong Company Ltd.

The Court received the wind-up petition on May 9, 2006.


* Chinese Airlines Lose CNY2.5 Billion to Fuel Hike
---------------------------------------------------
Chinese carriers continue to suffer around CNY2.5 billion in
losses due to rising fuel prices, Xinhuanet News reports, citing
an aviation analyst.

Li Shurong of Shanghai Shenyin Wanguo Research & Consulting Co
Ltd blamed the losses to worldwide increases in fuel prices.  
Mr. Shurong, however, did not disclose which airline Company is
the biggest loser.

According to Xinhuanet, China's top economic planning body --
National Development and Reform Commission -- raised the fuel
price for aviation twice this year, up from CNY5,290 to the
present CNY6,020 per ton or about a 12% increase.

Xinhuanet also notes that operating costs of China's air
carriers reached CNY34.98 billion in the first quarter, rising
23.5% from the same period last year, while core business
revenues totaled CNY33.3 billion, up 17.7%.

General Administration of Civil Aviation of China head Yang
Yuanyuan told Xinhuanet that rising costs have put heavy
pressures on Chinese airlines.  Thus, Mr. Yang urged air
companies to take advantage of peak transport seasons and to cut
expenditures.

Another aviation analyst, Sun Liping from the TX Investment
Consulting Co Ltd, said she expects good earnings for airports
but airlines will continue to suffer in the second half of the
year.

"If the oil price remains high, airlines will continue to lose
in the second half of the year," Mr. Sun said.


=========
I N D I A
=========

FORD MOTOR: Moody's Lowers Senior Unsecured Ratings to B2
---------------------------------------------------------
Moody's Investors Service lowered the Corporate Family and
senior unsecured ratings of Ford Motor Company to B2 from Ba3
and the senior unsecured rating of Ford Motor Credit Company to
Ba3 from Ba2.  The Speculative Grade Liquidity rating of Ford
has been affirmed at SGL-1, indicating very good liquidity over
the coming 12-month period.  The outlook for the ratings is
negative.

The downgrade of the Ford ratings reflects Moody's expectation
that the company's performance in North America will face
considerable additional stress due to high fuel prices and the
resulting shift in consumer preference away from the very
profitable sports utility vehicle segment.

During the six months through June 2006 Ford's sales of mid-size
SUVs fell by 24.7% and sales of large SUVs declined by 32.1%.
Despite the fact that solid market acceptance of Ford's new mid-
size and full-size cars has helped maintain the United States
market share above 18%, the dramatic shift away from the SUV
segment undermines prospects that Ford's Way Forward
restructuring program will materially strengthen its weak credit
metrics before 2008.

Bruce Clark, a senior vice president with Moody's, said "The
strong performance of Ford's new cars is certainly a positive.  
But the profitability of these vehicles doesn't come close to
what the company had been earning on Explorers and Expeditions.  
This market shift is really hurting Ford and is pushing out the
time frame during which the restructuring plan might contribute
to any meaningful improvement in its credit ratios."

In addition to the market shift from SUVs, Ford faces
considerable challenges in other areas.  These include
implementing its extensive Way Forward restructuring initiative,
reversing the chronically poor performance of Jaguar, contending
with the ongoing erosion of its domestic supplier base,
addressing the growing competitiveness and share gains of Asian
manufacturers, and preparing for the renegotiation of its UAW
contract in late 2007.

As part of these contract negotiations it will be critical for
Ford to achieve a material degree of relief in the areas of
health care costs for active workers and the JOBs bank program.  
The decision by Ford's board of directors to cut both the
company's dividend and director fees by half will have minimal
impact on Ford's cash flow, but may contribute the constructive
character of the dialogue with the UAW.

Ford's negative outlook reflects the fact that the company is
weakly positioned within the B2 rating category, and any
shortfall in contending with the array of challenges that it
faces could result in further pressure on the rating.  Ford's
liquidity position remains strong with US$24 billion in cash and
short-term VEBA balances, and the company's Speculative Grade
Liquidity Rating has been affirmed at SGL-1.  Nevertheless, the
company's weak operating and competitive position limits its
capacity to absorb additional stress.  For the LTM through
March, Ford's automotive business had an operating margin of
negative 2.8%, interest coverage well below 1x, and free cash
flow of negative US$2.8 billion.

The downgrade of Ford Credit's long-term rating to Ba3, with a
negative outlook, considers the firm's ownership by, and
concentrated operating relationship with, Ford Motor.  This
connection results in a ratings linkage between the two firms.  
Ford Credit's rating already incorporated expectations that
declining portfolio balances, higher borrowing costs, and a
leveling of credit quality improvements are likely to constrain
the company's profitability in coming periods.

However, in Moody's view, Ford's deeper operating challenges and
longer turnaround horizon could have further negative
implications for Ford Credit's results and financial condition,
including its origination volumes, asset quality, profits and
liquidity, thus negatively affecting its stand-alone credit
profile.

The one notch downgrade of Ford Credit's long-term rating widens
the differential from Ford's rating to two notches from one.  
This notching differential continues to reflect Moody's view
that loss severity in the event of default for Ford Credit would
be meaningfully lower than for Ford.  At the lower extremity of
Moody's rating scale, the same difference in expected loss
results in a greater differential between the two firms'
ratings.  While Moody's also believes Ford Credit's probability
of default is lower than its parent's, there remains uncertainty
by virtue of Ford's ownership and control that limits the
potential ratings differential between the two firms.

"Moody's believes Ford is economically motivated to maintain
Ford Credit's operating strengths and enterprise value, but it
could direct the company to take actions that, while seen by
Ford's board to be beneficial for the consolidated Ford
enterprise, are nevertheless adverse to Ford Credit's profile,"
said Mark Wasden, a Moody's Senior Credit Officer.

Ford Motor Company, headquartered in Dearborn, Michigan, U.S.A.,
is the world's third largest automobile manufacturer.  It has
operations all over the world including India.  Ford Motor
Credit Company, also headquartered in Dearborn, Michigan, is the
world's largest auto finance company.


FORD MOTOR: S&P Shaves Corporate Credit Rating to B+ from BB-
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Ford Motor Co. and related units to 'B+' from 'BB-'
and affirmed its 'B-2' short-term rating.  The ratings were
removed from CreditWatch, where they were placed on May 25,
2006, with negative implications.  The outlook is negative.

Ford's consolidated debt outstanding totaled $151 billion at
March 31, 2006.

FCE Bank PLC's 'BB-' rating was not lowered and remains on
CreditWatch, pending completion of Standard & Poor's evaluation
of the potential for FCE to be rated slightly higher than its
parent, Ford Motor Credit Co.  However, FCE's CreditWatch
implications are revised to negative from developing because if
the rating agency concludes that FCE warrants a higher rating
than that on Ford Credit, that differential is likely to be
limited to one notch.

FCE's 'B-2' short-term rating was affirmed and removed from
CreditWatch.

"The downgrade reflects our view that 2006 will be a more
difficult year for Ford than previously anticipated," said
Standard & Poor's credit analyst Robert Schulz.

Notwithstanding its multiyear plan to turn around the
performance of its North American automotive operations,
Standard & Poor's expects the company's financial profile to
weaken further during 2006 -- a period when the Unisted States
economy and light-vehicle sales are robust.

Standard & Poor's is concerned about the degree of weakness in
its midsize SUV segment.  Explorer sales, which represent about
9% of Ford-brand sales, were down 27.1% for the first five
months of 2006.  

The rating agency also remains concerned about the very
important full-size pickup market, which accounts for about 33%
of Ford-brand sales and, we believe, far more in profitability.  
F-Series sales were down 0.3% for the first five months of 2006,
versus 5.6% for the full-size pickup segment.  But the evolving
competitive dynamics of the full- size pickup market --
including upcoming new models from General Motors Corp. and
Toyota Motor Corp. -- and the resiliency of demand for full-size
pickups in the face of persistently high gas prices are its
chief concerns for this segment.

The expected erosion in Ford's financial profile during 2006
will reduce Ford's cash balances and leave the company more
exposed to potential adverse market developments during the next
two years, such as a decline in currently robust industry sales.  
Even so, Standard & Poor's does not believe that worsening
financial performance in 2006 will push the company near a point
where it could ultimately need to restructure its obligations
(including its debt and contractual obligations) in the near
term, given its substantial liquidity.

In fact, Ford has so far suffered less meaningful market share
erosion in the U.S. than in 2005 -- its U.S. light-vehicle share
was 18.3% for the first five months of 2006, the same as at the
end of 2005, partly due to high levels of fleet sales.  Still,
despite concerted efforts to improve the appeal of its product
offerings and minimize the use of incentives, the company has
experienced marked deterioration of its product mix, given
precipitous weakening of sales of its midsize and large SUVs,
products that had been highly disproportionate contributors to
Ford's earnings.  This product mix deterioration has occurred
despite the launch of some refreshed SUV models such as the
Explorer.

The rating outlook on Ford is negative.  Prospects for Ford's
use of cash in North American automotive operations remains
Standard & Poor's primary concern.  The ratings could be lowered
further if the rating agency came to expect that Ford's cash use
was to worsen significantly due to further setbacks, whether
Ford-specific or stemming from market conditions.  Ford would
need to reverse its current financial and operational trends,
and sustain such a reversal, before Standard & Poor's would
revise its outlook to stable.

Ford Motor Company, headquartered in Dearborn, Michigan, U.S.A.,
is the world's third largest automobile manufacturer.  It has
operations all over the world including India.  


NATIONAL TEXTILE: Government Shortlists Three Rehab Advisors
------------------------------------------------------------
Three of four firms have been shortlisted to advise state-owned
National Textile Corporation regarding the revival of its 29
mills through private participation, Bharat Textile.com reports.

According to the report, after a technical evaluation, National
Textile chose Ernst and Young, CRISIL, and Dhir and Dhir to
advance to the next selection phase, the report says.  The three
firms have already submitted their financial bids.

The Government invited the advisors to bid for the structuring
of a joint venture for National Textile's 29 mills after its
earlier conditions for private partners failed to elicit any
response, BharatTextile reveals.

The Troubled Company Reporter - Asia Pacific earlier reported
that National Textile had attempted to tie up with private
players to rejuvenate the mills.  However, the efforts failed
because the leasing-out strategy that was used discouraged
potential bidders due to the high annual rent that was set at 5%
of the value of the total land.

A lack of technical advice was also cited as one of the reasons
for the failure of the leasing effort, prompting the Company to
hire experts to help it formulate new models for the joint
venture revival scheme.  The Company is looking at adopting
different joint venture models to suit different mills.

BharatTextile says that the name of he advisors would be
finalized and announced in the coming weeks.  The chosen firm
will be given around two to three months to complete their work.

Apart from reviving 29 mills through joint ventures, National
Textile will modernize 22 mills on its own for INR534 crore as
part of its restructuring, BharatTextile adds.

               About National Textile Corporation

Headquartered in New Delhi, India, National Textile Corporation
Ltd -- http://texmin.nic.in/-- is the single largest textile  
central public sector enterprise under Ministry of Textiles
managing 52 textile mills through its nine subsidiary companies
spread all over India.  The strength of the group is around
22000 employees.  The annual turnover of the Company in the year
2004-05 was approximately INR638 crores.  In 2002, the Board for
Industrial and Financial Reconstruction approved the revival of
53 viable mills and closure of 66 unviable mills.  National
Textile is in the process of a major restructuring.  A new
corporate plan is under formulation for repositioning of the
organization by merging all its nine subsidiaries into one
holding company.


SHIVA CEMENT: IFCI Offers INR9-Million Equity Participation
-----------------------------------------------------------
On July 17, 2006, IFCI Limited agreed to dole out INR9 million
as its equity participation in Shiva Cement Limited's
restructuring.

IFCI and other lenders, including ICICI Bank, Bank of India,
Bank of Baroda, and Allahabad Bank, endorsed Shiva Cement's debt
restructuring plan in September 2005.

The debt revamp exercise is expected to reduce Shiva Cement's
debt burden while increasing the bottom line and earnings per
share of the Company.

                          *     *     *

Headquartered in Orisa, India, Shiva Cement Limited manufactures
cement for domestic and local supply.  In September 2005, the
Company secured in-principle approval for its debt restructuring
proposal after its restructuring plan was approved by a
consortium of lenders.  


=================  
I N D O N E S I A
=================

PERUSAHAAN LISTRIK: Loses IDR300 Million to Power Theft
-------------------------------------------------------
PT Perusahaan Listrik Negara's East Jakarta office in Kampung
Melayu disclosed on July 19, 2006, that power theft in the past
quarter has led to a loss of about IDR300 million, the Jakarta
Post says.

According to the Company's office assistant manager Priyono, 97
clients stole electricity from PLN's power grid from mid-April
2006 to the end of June.  Antara News quoted Mr. Priyono as
saying that most of the 97 customers who stole electricity
consumed over 2,200 watts of power.

However, the Company has decided not to press charges.  Instead,
the Company intend to warn customers not to repeat any illegal
actions and order them to pay for the stolen power.  In major
cases of power theft, where the perpetrator seems ignorant of
the case, PLN will be more harsh.

The Troubled Company Reporter - Asia Pacific reported on
July 14, 2006, that PLN found that certain consumers are
illegally taking power supply by tampering with their electric
line or meter using a "power-saving" equipment.  According to
the report, PLN said that an unidentified company is selling the
equipment, which disrupts the flow of energy to consumers or
reduces the speed of their meters.  This equipment also damages
household power installations.

                          *     *     *

Indonesian state utility firm PT Perusahaan Listrik Negara --  
http://www.pln.co.id/-- transmits and distributes electricity  
to around 30 million customers, roughly 60% of Indonesia's
population.  The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.  PLN posted an
IDR4.92-trillion net loss in 2005, against a net loss of IDR2.02
trillion in 2004.

As reported in the Troubled Company Reporter - Asia Pacific on
June 30, 2006, the Indonesian Government had offered to settle
PLN's debt to state oil and gas firm PT Pertamina, which
Pertamina claimed has totaled IDR23.9 trillion.  However, PLN
acting president Djuanda Nugraha Ibrahim said that the Company
owes PHP17 trillion to Pertamina.


=========
J A P A N
=========

JAPAN AIRLINES: Share Price Falls on Planned Stock Offering
-----------------------------------------------------------
Japan Airlines Corp. decided to issue 700 million shares to the
public at JPY211 per share, 4.09% lower than its stock closing
price of JPY220 per share as of July 19, 2006, Crisscross News
reports.

Dow Jones relates that the Company expects to raise around
JPY145 billion from the share sale, instead of the initial
JPY200 billion.

Retela Crea Securities Co. equity research head Yoku Ihara said
that the drop in share price may be caused by hedge funds that
may be selling shares they do not own in order to make the price
drop, and investors are not confident about the Company's
future, according to Bloomberg News.

The Troubled Company Reporter - Asia Pacific stated on July 3,
2006, that the Company planned to sell around 750 million
shares or some 26.4% of its outstanding issued shares in order
to raise funds to buy new airplanes.  The shares would be
offered in August.  Another reason for the share sale is that
JAL might need to redeem a bond issue worth JPY100 billion by
next year, on seven-year convertible bonds it had sold in 2004
that permit investors to seek early redemption by March 2007,
which they may be inclined to do after the slump in share
prices.  The Company had ordered new airplanes from Boeing for
JPY609.24 billion, and the first delivery is slated for this
year.  JAL had decided to increase its sale of new shares
overseas to 405 million shares from the initially planned
350 million due to stronger demand abroad, whereas it would sell
295 million shares in Japan.

                          *     *     *

Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger  
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  

As of March 31, 2006, JAL's debt amounted to JPY1.93 trillion,
whereas shareholders' equity stood at JPY148.1 billion.

The Troubled Company Reporter - Asia Pacific stated on May 12,
2006, that JAL posted a consolidated net loss of JPY47.24
billion for the business year 2005 ended March 31, 2006, due to
safety-related incidents in 2005 that caused passengers to shift
to its rival All Nippon Airways, and an increase in aviation
fuel costs.

Fitch Ratings Tokyo analyst Satoru Aoyama said that the
Company's debt obligations and expenses for new aircraft have
placed it in an unfavorable financial position.  Fitch assigned
a BB- rating on the Company, which is three notches lower than
investment grade, whereas Moody's Investors Service gave Ba3
senior unsecured and issuer ratings for Japan Airlines
International Co., Ltd., as well as its Ba3 issuer rating for
Japan Airlines Domestic Co., Ltd.


SAPPORO HOLDINGS: Current Liabilities Outweigh Current Assets
-------------------------------------------------------------
Sapporo Holdings, Ltd., posted a decrease in its net income for
fiscal year 2005 to JPY3.63 billion, compared with a net income
of JPY4.64 billion in the previous fiscal year.

The Company's balance sheet as of December 31, 2005, reflected
strained liquidity with JPY140.09 billion in total current
assets available to pay JPY220.20 billion in total current
liabilities coming due within the next 12 months.

Moreover, the December 2005 balance sheet showed total assets of
JPY563.85 billion and total liabilities of JPY452.44 billion.
These results are lower compared with the JPY602.11 billion
total assets and JPY509.85 billion total liabilities reported as
of December 31, 2004.

Sapporo Holdings, Ltd., and its consolidated subsidiaries
underwent a reorganization in 2003.  On July 1, 2003, Sapporo
Lion Ltd. became a wholly owned subsidiary of the Company
through a share exchange.  Effective the same date, the Company
separated its alcoholic beverages, soft drinks and real estate
business, and became a holding company.

Standard & Poor's Rating Service gave Sapporo Holdings 'BB'
Long-Term Foreign Issuer Credit and Long-Term Local Issuer
Credit Ratings.
  

SEIBU HOLDINGS: Trust Banks Sue Railway Unit Over Delisting
-----------------------------------------------------------
Five trust banks jointly filed a damages lawsuit against two of
Seibu Holdings Inc.'s subsidiaries -- Seibu Railway Co. and
Prince Hotels Inc. -- over the railway firm's delisting from the
Tokyo Stock Exchange in 2004, Crisscross News relates.

According to the Japan Times, through their action, filed on
June 30, 2006, Barclays Global Investors Japan Trust & Banking
Co., Japan Trustee Services Bank, Master Trust Bank of Japan,
Mitsubishi UFJ Trust & Banking Corp., and Trust & Custody
Services Bank, are seeking an aggregate of JPY12.1 billion for
losses they incurred when Seibu Railway was delisted from the
Stock Exchange.  Seibu Holdings received the formal complaint on
July 17, 2006.

The Troubled Company Reporter - Asia Pacific stated on June 29,
2006, that the Company plans to reduce its interest-bearing
debts from JPY1.35 trillion as of March 3, 2005, to less than
JPY1 trillion by March 2008.  The Company also plans to generate
JPY33 billion in pre-tax profit next year by selling off 34
loss-making resorts and facilities as part of its restructuring
efforts, and hopes to complete the sales of the unprofitable
facilities by March 2007.


=========
K O R E A
=========

CHONG KUN DANG: Inks Drug Agreement With Scottish Biomedical
------------------------------------------------------------
Chong Kun Dang Pharmaceutical Corporation has signed a new
agreement with Scottish Biomedical and Pharmaceutical Co. to
develop new diabetes drugs, a company press release states.

The deal is being funded through the Korean Health Industry
Development Institute's International Collaborative Research
Programme for Drug Development and has been made possible with
the support from Scottish Development International.

Chong Kun Dang Pharmaceutical Corporation --
http://www.ckdpharm.com/-- manufactures and distributes  
pharmaceutical products.  The Company produces medical drugs in
the fields of systemic anti-infective, cardiovascular system,
alimentary tract, metabolism, and sensory organs.  Chong Kun
Dang Pharmaceutical also constructs apartments and factories.

Korea Investors Service gave Chong Kun Dang's senior unsecured
debt a BB+ rating, while its commercial paper merited a B
rating.


HANAROTELECOM: Five Months Add 21% More Subscribers
---------------------------------------------------
hanarotelecom Inc. gained 897,415 new subscribers for its
various services from the start of the year until May 31, 2006,
the Troubled Company Reporter - Asia Pacific learns from the
company's regulatory filing with the United States Securities
and Exchange Commission.

The highest increase comes from hanarotelecom's broadband
Internet segment which recorded a 30% increase to 3,591,982
subscribers as of May 31, 2006, from the subscriber count of
2,773,159 in December 31, 2006.  The company's voice line
segment adds 78,350 new subscribers to total 1,599,467
subscribers.

In its full year 2005 results, hanarotelecom got around 91.2% of
its revenues from its broadband and voice services.

hanarotelecom's total subscriber count as of May 31, 2006,
reached 5,199,649, compared with the 4,302,234 total subscribers
as of December 31, 2005.

                      About hanarotelecom

hanarotelecom Inc. -- http://www.hanaro.com/-- is the second  
largest player in the Korean local telephone market.  It
provides high-speed Internet services in Korea.  It provides
high-speed Internet services in Korea.  In June 2001, the
company integrated broadband Internet access services which
included ADSL, Hybrid Fiber Coaxial cables and Broadband
Wireless Local Loop into a single brand called HanaFOS.  
hanarotelecom offers VoIP services to its broadband business
customers as a bundled service and also as a stand alone
service.

                          *     *     *

Moody's Investor Service has given hanarotelecom's long-term
corporate family and its senior unsecured debt a Ba2 rating.  
Standard and Poor's gave both hanarotelecom's long-term foreign
issuer credit and long-term local foreign issuer credit BB
ratings.


===============
M A L A Y S I A
===============

ANTAH HOLDINGS: Former Employee Files Lawsuit Against Unit
----------------------------------------------------------
On June 17, 2006, Antah Holdings Berhad's wholly owned
subsidiary, Kaseh Lebuhraya Sdn Bhd, was served with a Writ of
Summons dated June 30, 2006, by Dato' Haji Razaly Bin Wahi.

Mr. Bin Wahi alleges that his termination as Kaseh's Employer's
Representative on September 3, 2003, for the Kajang-Seremban
Highway Project was unlawful.

In this regard, Mr. Bin Wahi wants:

   -- a declaration that his termination was unlawful;

   -- payment of MYR2,196,100 in damages;

   -- payment of MYR600,000 in lieu of notice of termination;

   -- Kaseh's contribution to the Employee Provident Fund for
      the period between January 2002 until September 2003;

   -- interests at 8% per annum from September 20, 2003;

   -- legal costs and other relief as the Kuala Lumpur High
      Court deems fit.

Kaseh strenuously disputed Mr. Bin Wahi's claims and is
currently liaising with its Solicitors to take the appropriate
actions to protect its legal rights.

                  About Antah Holdings Berhad

Headquartered in Petaling Jaya, Selangor Darul Ehsan, Malaysia,
Antah Holdings Berhad -- http://www.antah.com.my/--  
manufactures and trades pharmaceutical products and fluid
engineering and manufacturing.  The Company's other activities
include retailing of houseware and kitchenware, property
development, insurance broking, provision of management services
and investment holding.  The Group discontinued its beverage and
security services operations.  The Group operates in Malaysia,
Australia, United Kingdom and Singapore.

On February 6 and May 8, 2006, the Company entered into several
agreements with certain parties to undertake a proposed
restructuring scheme with the intention of restoring the Company
onto stronger financial footing via an injection of new viable
businesses.

The Company's March 31, 2006, balance sheet showed total assets
of MYR698,224,000 and total liabilities of MYR1,051,307,000
resulting into a shareholders' deficit of MYR353,083,000.  The
Company's default on its credit facilities totaled
MYR286,442,000, as of April 30, 2006.


AVANGARDE RESOURCES: Public Shareholding Level Stands at 82.11%
---------------------------------------------------------------
Avangarde Resources Berhad's public shareholding spread as of
June 30, 2006, is 82.11% comprising 4,452 shareholders holding
not less than 100 shares each.

Accordingly, Avangarde has complied with the public shareholding
spread requirement of Bursa Malaysia Securities Berhad.

The Bourse requires a listed issuer to have at least 25% of its
listed shares in the hands of a minimum of 1,000 public
shareholders holding not less than 100 shares each.

                   About Avangarde Resources

Headquartered in Kuala Lumpur, Malaysia, Avangarde Resources
Berhad is involved in the construction and development of
housing projects.  The Group has incurred huge losses due to
provision of doubtful debts and writing off of bad debts.  It
was delisted from the Official List of Bursa Malaysia Securities
Berhad due to its inadequate financial condition and its failure
to meet with the requirements of the Bourse.  The Company is now
preparing the Proposed Scheme of Arrangement pursuant to the
Section 176 of the Companies Act to regularize its financial
condition.  The Company will unveil its Proposed Scheme once it
is finalized.

As of March 31, 2006, the Company's balance sheet showed total
assets of MYR20,344,000 and total liabilities of MYR147,506,000
resulting into a shareholders' deficit of MYR127,162,000.


KRETAM HOLDINGS: List and Quotes New Shares Today
-------------------------------------------------
Kretam Holdings Berhad's additional 10,982,839 new ordinary
shares of MYR1 each will be listed and quoted today, July 21,
2006, at the Bursa Malaysia Securities Berhad.

The new shares were derived from the conversion of MYR10,982,839
Redeemable Convertible Secured Loan Stocks-C 2003/2006.

                     About Kretam Holdings

Kretam Holdings Berhad is a Malaysian company engaged in the
operation of an oil palm plantation and investment holding.  
Through its subsidiaries, it is also involved in the cultivation
of oil palm; the milling and sale of oil palm products;
plantation and palm oil mill management; general contracting for
construction, civil engineering and mechanical works; the
provision of project management, administrative and related
services, and property rental, development and management.  In
addition, Kretam Holdings specializes in the provision of data
processing services; stock and share broking and futures
broking; the provision of services as a nominee and agent; the
provision and maintenance of stock market information
dissemination systems, and the operation of hydroelectric power
stations.  The Company has a large number of directly or
indirectly held subsidiaries, as well as an associated company,
Pantai Dalam Development Sdn. Bhd., a 49%-owned property
developer.  The Company had incurred recurring losses in the
past.

As of March 31, 2006, the Company's balance sheet revealed total
assets of MYR161,427,000 and total liabilities of
MYR268,350,000, resulting into a stockholders' deficit of
MYR106,923,000.


LANKHORST BERHAD: Unveils 46.44% Public Shareholding Level
----------------------------------------------------------
Lankhorst Berhad disclosed that its public shareholding spread
as of June 30, 2006, is 46.44% comprising 1,826 public
shareholders holding not less than 100 shares each.

Thus, the Company complied with the public shareholding spread
requirement pursuant to the Listing Requirements of Bursa
Malaysia Securities Berhad.

The Bourse requires a listed issuer to have at least 25% of its
listed shares in the hands of a minimum of 1,000 public
shareholders holding not less than 100 shares each.

                    About Lankhorst Berhad

Headquartered in Selangor, Malaysia, Lankhorst Berhad engages in
civil and geotechnical engineering services, building
construction, trading and application of geosynthetic materials.  
Other activities include property development and investment,
water and wastewater treatment, oil and gas contracting and
supply, quarry operations, railway track construction,
mechanical and electrical construction, soil improvement
services and trading of construction supply.  The Company has
been incurring a string of losses due to high operating costs
and its units are facing winding up actions.  It also defaulted
on several loan facilities.

On April 24, 2006, Lankhorst was classified as an affected
listed issuer and is required to comply with the provisions of
the Bourse's Practice Note 17/2005 category.  In the event
Lankhorst fails to comply with all the provisions of PN 17/2005,
Bursa Securities may take any action against the Company
including but not limited to delisting proceedings against
Lankhorst.  The Company is currently under the protection of a
Restraining Order pursuant to Section 176 of the Companies Act,
1965 and currently formulating a debt and capital restructuring
scheme to improve the Company's financial position to be
announced in due course.

The Company's March 31, 2006, balance sheet revealed total
assets of MYR105,613,000 and total liabilities of MYR203,251,000
resulting into a stockholders' deficit of MYR97,638,000.


LANKHORST BERHAD: Notes Variance in Audited & Unaudited Results
---------------------------------------------------------------
The auditors of Lankhorst Berhad have qualified the Company's
Audited Accounts for the financial year ended December 31, 2005,
in respect of the Company's going concern.

Moreover, the Company disclosed that there was a deviation
exceeding 10% between the profit after tax and minority interest
stated in the announced unaudited and audited accounts for the
financial year ended December 31, 2005.

     Financial Results For The Year Ended December 31, 2005
                 Deviations Of Audited Accounts

                        Unaudited     Audited     Variance
                        MYR'000       MYR'000     MYR'000

Revenue                  41,695        38,774      (2,921)
Less: Cost of Sales      35,297        50,062      14,765
Gross Profit/(Loss)       6,398       (11,288)    (17,686)

Other Income                295           311          16
Administrative & Other
Expenses                  6,068        82,257      76,189
Profit/(Loss) from Ops      625       (93,234)    (93,859)

Finance Cost             (1,031)      (10,557)     (9,526)
Share of Profits from
Association Company           -          (267)       (267)
Profit/(Loss) Before Tax   (406)     (104,058)   (103,652)

Taxation                     (6)           (6)          -

Profit/(Loss) After Tax    (412)     (104,064)   (103,652)

Minority Interest           101             -        (101)

Net Profit/(Loss)
for the Period             (311)     (104,064)   (103,753)

The cost of sales increased mainly due to foreseeable losses
provided for projects pending issuance of the final
certificates.  On the other hand, administrative and other
expenses increased mainly due to provisions for doubtful debts
and provisions for impairment of fixed assets.  Meanwhile,
finance costs increased due to the accruals of interest on
borrowings.

The Company's Original Financial Report for the year ended
December 31, 2005, is available for free at:

   http://bankrupt.com/misc/tcrap_lankhorstbhd051706.doc

                    About Lankhorst Berhad

Headquartered in Selangor, Malaysia, Lankhorst Berhad engages in
civil and geotechnical engineering services, building
construction, trading and application of geosynthetic materials.  
Other activities include property development and investment,
water and wastewater treatment, oil and gas contracting and
supply, quarry operations, railway track construction,
mechanical and electrical construction, soil improvement
services and trading of construction supply.  The Company has
been incurring a string of losses due to high operating costs
and its units are facing winding up actions.  It also defaulted
on several loan facilities.

On April 24, 2006, Lankhorst was classified as an affected
listed issuer and is required to comply with the provisions of
the Bourse's Practice Note 17/2005 category.  In the event
Lankhorst fails to comply with all the provisions of PN 17/2005,
Bursa Securities may take any action against the Company
including but not limited to delisting proceedings against
Lankhorst.  The Company is currently under the protection of a
Restraining Order pursuant to Section 176 of the Companies Act,
1965 and currently formulating a debt and capital restructuring
scheme to improve the Company's financial position to be
announced in due course.

The Company's March 31, 2006, balance sheet revealed total
assets of MYR105,613,000 and total liabilities of MYR203,251,000
resulting into a stockholders' deficit of MYR97,638,000.


MALAYSIA AIRLINES: Foreign Carriers Urged to Fly Dropped Routes
---------------------------------------------------------------
The Tourism Ministry wants foreign airlines to take over several
routes to China, which will be abandoned by Malaysia Airlines
starting August 1, 2006, Bernama says.

Deputy Tourism Minister Datuk Donald Lim Sinag Chai told Bernama
that he will present the proposal to the Ministry of Transport
as soon as possible.  He added that the issue on the direct
flights must be resolved immediately as there were many tourists
from China who were thinking of coming to Malaysia.

In addition, the ministry would also propose that foreign
airlines be given the opportunity to operate new routes between
the two countries, Bernama cites the Transport Minister.

As reported by the Troubled Company Reporter - Asia Pacific on
July 18, 2006, Malaysia Airlines is dropping some flights to
China, Indonesia and Japan, in line with its business turnaround
plan.

According to the TCR-AP, the national carrier will cancel within
the next three months twice-weekly return flights from Kota
Kinabalu in eastern Sabah state to Shanghai, and twice-weekly
services from Tawau in Sabah to Tarakan in Indonesia.  Its
thrice-weekly Airbus A330-300 return service from Kuala Lumpur
to Fukuoka, Japan will be cut, as will the twice-weekly Airbus
A330-300 direct service between Kuala Lumpur and Chengdu in
China.

In a separate report, Malaysia's proposal to start a Kuala
Lumpur-Hangzhou direct flight received the nod from the Zhejiang
provincial government on July 18, 2006.

Moreover, both the Malaysian and Chinese provincial governments
also agreed to provide assistance to the airline company that
will operate the flight, according to Bernama.

Malaysia would have no problem promoting the route as Hangzhou,
China, was already a favorite tourist destination for thousands
of Malaysians, Bernama says.  Last year, more than 200,000
Malaysians visited the province.

                    About Malaysia Airlines

Headquartered in Selangor, Malaysia, Malaysia Airlines
-- http://www.malaysiaairlines.com/-- services domestic and  
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with our airline
partners.

The carrier made a loss after tax of MYR1.3 billion for fiscal
year 2005, due to high fuel and operating costs, and
unprofitable routes.  In late February 2006, it unveiled a
radical rescue plan to raise MYR4 billion in order to stay
afloat and return to profitability by 2007.  Under the
restructuring plan, the airline pledged to cut its budget by 20%
across the board, terminate many unprofitable routes, freeze
recruitment except for front-line staff, crack down on
corruption by encouraging Whistle-blowing and stop corporate
sponsorship.


MBF HOLDINGS: Unit Strikes Deal to Buy PNG Assets
-------------------------------------------------
MBf Holdings Berhad's Papua New Guinea subsidiary -- WR
Carpenter (PNG) Limited -- had entered into a Sale and Purchase
Agreement with relevant parties for the purchase of 100% equity
interest in Courts PNG Limited.

The cash consideration for the equity interest comprising
400,000 ordinary shares in Courts ONG was US$1per share, while
the cash consideration for other assets comprising intellectual
property rights and an inter-company loan due from Courts PNG
was US$1 each.

Courts PNG -- which engaged in the retailing of electronic
appliances and household furnishings -- was insolvent and went
into administration on November 30, 2004.  

The MBf Group is currently operating the same retail business in
Fiji and believes that this acquisition will augment well for
the expansion of the business in Papua New Guinea.  In addition,
Courts PNG owns some buildings that can be used for WR
Carpenter's existing operations.

Based on the fair value assessment, the acquisition increased
the net tangible assets of MBf Holdings by approximately
MYR11.4 million.  Courts PNG is expected to contribute towards
the future earnings of the Group.

                       About MBf Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, MBf Holdings
Berhad is involved in retailing and wholesaling of merchandise,
shipping, automotive and heavy earthmoving equipment and
printing of packaging boxes.  Its other activities include
copra, cocoa, coffee and tea production, issuing of credit
cards, acquiring merchants and other related services, provision
of financial services, provision of property management,
investment in properties, property development including dealing
in land and estate management, club management, development and
sale of membership of a recreational club, education and
investment holding.  The Group's operations are carried out in
Malaysia, other Asean countries including Singapore, Thailand
and Philippines, Hong Kong, South Pacific Islands, Australia and
United States of America.

Over the years of 1997 and 1998, the ravages of the Asian
economic crisis adversely affected the operations of the MBf
Group.  Given the substantial debt and accumulated losses
suffered, MBf Holdings sought protection under Section 176(1) of
the Companies Act 1965.  MBf Holdings obtained court orders to
propose a scheme of arrangement to restructure its borrowings
with its lenders and selected creditors and to restrain its
creditors from commencing recovery action.  The Scheme was
completed on June 30, 2003.  Included in the Scheme was a debt-
restructuring scheme, which excluded the lease, hire-purchase
liabilities, general unsecured liabilities and amounts owing to
subsidiary and associated companies.  The lease, hire-purchase
and general liabilities were to be addressed in the ordinary
course of business.  However, the Scheme made no provision for
the settlement of the Inter-company Loans, which the Group is
now having problems with.


METROPLEX BERHAD: Court to Hear Judgment Appeal on Sept. 15
-----------------------------------------------------------
The Kuala Lumpur High Court adjourned to September 15, 2006, the
hearing of Metroplex Project Management Sdn Bhd's application to
set aside a default judgment.

The Judgment relates to a wind-up petition filed before the
Kuala Lumpur High Court on March 23, 2006, by solicitors of
petitioner Lau Ah Kow and Choong Bee Yok against Metroplex
Berhad's wholly owned subsidiary.  The Petitioners assert a
MYR56,437 claim covering arrears of rental of Parcel No. A13/C5,
Chancellor Condominium, which was leased by Metroplex Projects.

Aside from the Judgment Sum, the Petitioners had asserted an 8%
annual interest accrued from the date of default judgment on
July 14, 2005, until the date of full and final settlement.  The
Petitioners also claim MYR1,182 as payment for other costs.

The wind-up petition against Metroplex Project was fixed for
mention before the Court on October 20, 2006.

                     About Metroplex Berhad

Headquartered in Kuala Lumpur, Malaysia, Metroplex Berhad's
activities are hotel and casino operations.  Other activities
include property investment, property development, provision of
administrative services, general and building construction,
leasing and financing, trading of building materials and
operation of hotel management training school.  Operations are
carried out in Malaysia, Hong Kong and Philippines.

On April 28, 2005, Morgan Stanley Emerging Markets Inc. had
filed a winding-up petition against the Company with the Kuala
Lumpur High Court.  Morgan Stanley also filed for a summons to
appoint a provisional liquidator for the wind up.  Until and
unless a provisional liquidator is appointed pursuant to the
application to the Court by the Petitioner to appoint
provisional liquidator for Metroplex, the winding-up petition
will not have significant impact on the Group's operations as
Metroplex is currently working out a debt-restructuring scheme.  
In the event the wind-up petition succeeds, the Company will be
put into liquidation.

Metroplex Berhad's April 30, 2006, balance sheet revealed total
liabilities of MYR1,417,778,000 exceeding total assets of
MYR1,214,518,000, resulting into a shareholders' equity deficit
of MYR203,260,000.


PARK MAY: Complies with Public Spread Requirement
-------------------------------------------------
Park May Berhad's public shareholding spread as of June 30,
2006, was 50.63%, comprising 2,769 public shareholders holding
not less than 100 shares each.

Therefore, Park May has complied with the public shareholding
spread requirement pursuant to the Listing Requirements of Bursa
Malaysia Securities Berhad.

                     About Park May Berhad

Headquartered in Kuala Lumpur, Malaysia, Park May Berhad
-- http://www.parkmayberhad.com/-- provides public bus  
transportation in Peninsular Malaysia, categorized as stage bus
and express bus.  Its other activities include operation and
construction of light rail transit system, trading and property
holding, and investment holding and managing operation.
The Company has defaulted in its payment of monthly interest of
MYR1.1 million on its MYR135.6 million Combined and Converted
Short Term Loan Facility due on April8, 1999.  On December 30,
1999, the Corporate Debt Restructuring Committee successfully
assisted Park May Berhad to finalize a debt restructuring scheme
with its lenders and main suppliers involving debt outstanding
as at even date of MYR146 million.  On April 17, 2000, the
Securities Commission approved Park May's Proposals.  On
February 28, 2003, Park May registered a deficit in
shareholders' equity on a consolidated basis of MYR23.17
million, making it an affected listed issuer under Bursa
Malaysia Securities' Practice Note 4 category.  As an Affected
Listed Issuer, the Company is required to regularize its
financial condition.

As of March 31, 2006, the Company's balance sheet showed total
assets of MYR38.9 million and total liabilities of
MYR92.1 million.  


TENCO BERHAD: Complies with Public Spread Requirement
-----------------------------------------------------
Tenco Berhad's public shareholding spread as of June 30, 2006,
stands at 66.58% of the total shareholding in the hands of 3,810
public shareholders.

Accordingly, Tenco has complied with the level of public
shareholding spread as prescribed under the Listing Requirements
of Bursa Malaysia Securities Berhad wherein a listed issuer must
have at least 25% of its listed shares in the hands of a minimum
of 1,000 public shareholders holding not less than 100 shares
each.

                       About Tenco Berhad

Headquartered in Selangor, Malaysia, Tenco Berhad's principal
activities are manufacturing and selling of polymer, chemicals,
adhesive, decorative coatings and related products, building
materials, equipment and consumer products.  Other activities
include investment holding and provision of management services.  
The Group operates in Malaysia, Singapore and Canada.

Tenco is classified as a Practice Note 17 company and was
ordered by the Bursa Malaysia Securities Berhad to formulate a
plan to regularize the Company's financial condition.  The
Company fell into the PN17 classification because its current
shareholders' equity on a consolidated basis is less than 25% of
its issued and paid up capital, and it defaulted on various loan
facilities and is unable to provide a solvency declaration.  
Tenco is required to submit its regularization plan to relevant
authorities not later than January 8, 2007.


TRU-TECH HOLDINGS: Defaults on Monthly Sinking Fund Deposit
-----------------------------------------------------------
Tru-Tech Holdings Berhad will not be able to make the monthly
deposit of MYR1,500,000 due on June 17, 2006, into the sinking
fund account maintained for the purposes of redemption of the
MYR55,000,000 redeemable unsecured loan stock, due to Tru-Tech's
current tight cash flow position.

There has been no material development in respect of the
Company's default pursuant to Practice Note 1/2001.

The principal outstanding of all other credit facilities granted
to Tru-Tech and its subsidiaries as of June 30, 2006, is
MYR61,459,529.

                     About Tru-Tech Holdings

Headquartered in Ulu Tiram Johor, Malaysia, Tru-Tech Holdings
Berhad's principal activity is the manufacturing of electronic
components and products.  Its other activities include
development and distribution of switch-mode power supplies and
investment holding.  The Group operates in Malaysia, Singapore,
United States and United Kingdom.  On May 27, 2004, Tru-Tech
announced a series of proposed corporate exercises to address
its losses.  These include the incorporation of a new entity as
Tru-Tech's holding company, and the disposal of its existing
contract-assembly business to a third party.  Much of Tru-Tech's
future performance will hinge on its ability to restructure its
debts and resolve its poor liquidity.  Bursa Malaysia Securities
Berhad, on May 26, 2006, decided to suspend trading in the
securities of Tru-Tech Holdings Berhad from June 5, 2006, as the
Company has failed to regularize its financial condition
pursuant to the Bourse's Listing Requirements.

The Company's March 31, 2006, balance sheet showed total assets
of MYR43,930,000 and total liabilities of MYR131,614,000,
resulting into a stockholders' deficit of MYR87,684,000.


=====================
P H I L I P P I N E S
=====================

BANCO DE ORO: First Quarter Income Hikes Up 25%
-----------------------------------------------
Banco de Oro Universal Bank posted an unaudited net income of
PHP706.5 million for the first quarter of 2006, an increase of
25% from the PHP566.2 million net income posted for the same
period last year, the Company said in a press release.  

Net interest income for the three months ended March 31, 2006,
rose 12% to PHP1.8 billion from the PHP1.6 billion in the first
three months of 2005, due to a 16% expansion in the Bank's
balance sheet.  Non-interest income grew by 51% to
PHP1.2 billion due to higher securities trading and strong
service fees derived from trust, loan underwriting, cash
management and insurance services.  Pre-tax Operating Profit for
the quarter amounted to PHP716.4 billion, representing a 24%
growth year-on-year.

Operating expenses for the first quarter of 2006 stood at
PHP2 billion, higher by 44% compared to year-ago levels.  The
increase in operating expenses is primarily due to higher
manpower and occupancy costs supporting both product and branch
expansion.  The Bank's NPL ratio of 4.4% is among the best in
the industry.  Loan coverage ratio, on the other hand, is now at
102% of non-performing loans.

Total resources as of March 31, 2006, stood at PHP237.7 billion,
an increase of 16% compared to the same period last year.  
Deposits expanded by 17% to PHP165.2 billion.  The Bank's net
loans and other receivables grew by 10% to PHP108.1 billion
primarily from the expansion in receivables from customers.  
Capital Funds posted PHP22.03 billion improvement during the
first quarter while Capital Adequacy Ratio remains strong at
19.1%.

Banco de Oro's financial report for the quarter ended March 31,
2006, is available for free at:  

   http://bankrupt.com/misc/BDO_17Q_Mar2006.pdf


                       About Banco de Oro

Banco de Oro Universal Bank -- http://www.bdo.com.ph/--  
provides a wide range of corporate, commercial and retail
banking services in the Philippines, which include traditional
loan and deposit products, as well as treasury, trust banking,
investment banking, cash management, insurance, remittance,
retail cash cards and credit card services.

Banco de Oro is a member of the SM Group of Companies, one of
the Philippines' largest conglomerates, and is currently ranked
among the top 10 banks in the Philippines in terms of assets,
capital, deposits and loans.  Its asset quality indicators (non-
performing loans & non-performing assets) are among the lowest
in the industry.

The Company's affiliated undertakings are BDO Capital &
Investment Corporation, BDO Financial Services, Inc., BDO
Insurance Brokers, Inc., BDO Card Corporation, BDO Realty
Corporation, BDO Private Bank, Inc., BDO Securities Corporation,
BDO Remittance Ltd., Generali Pilipinas Holding Company, Inc.,
and SM Keppel Land, Inc.

                          *     *     *

Moody's Investors Service gave Banco de Oro's Senior Unsecured
Debt a Ba3 rating effective May 25, 2006.


EQUITABLE PCI: Posts 25% Increase in First Quarter Net Income
-------------------------------------------------------------
Equitable PCI Bank reported a total net income of PHP711 million
for the quarter ended March 31, 2006, 25% higher than the
PHP567-million income reported for the same quarter in 2005,
according to the Bank's regulatory filing with the Philippine
Stock Exchange.

Net income attributable to equity holders of Equitable Bank
amounted to PHP710 million, also 25% more than the PHP567-
million figure for the first quarter of 2005.  Interest income
grew 2% to PHP4.7 billion in the first quarter this yeas, as
interest on loans and receivables remained at PHP2.9 billion.  
Interest on trading and investment securities, interbank loans
and deposits with other banks grew 5% to PHP1.8 billion.

Other income rose to PHP2.2 billion in the first quarter of
2006, or 24% more than the figure reported in the same period
last year.  The increase was mainly due to a PHP255-million hike
in trading gains and foreign exchange profits to PHP637 million.  
Service charges, fees and commissions increased by PHP121
million to PHP1.2 billion.

Growth in other expenses was contained at 9% to PHP3.3 billion.  
Compensation and fringe benefits grew 6% to PHP978 million,
largely due to merit increases and promotions, and additional
contributions to the retirement fund in compliance with new
accounting standards.

The Bank also revealed these ratios, which measure its financial
performance:

                               03/31/2006    12/31/2005

       Return on Equity (%)      14.46%         10.57%
       Return on Assets (%)       0.97%          0.88%
       Net Interest Margin (%)    4.30%          4.35%
       Efficiency Ratio (%)      67.63%         61.24%
       NPL Ratio                  4.71%          4.50%
  
Equitable PCI Bank's total resources at the end of March 2006
stood at PHP317 billion, PHP645 million more than the end-2005
level of PHP316.4 billion.  Capital funds stood at
PHP38.3 billion at the end of March 2006, up by 2% as earnings
were mainly retained in the bank.

Equitable PCI Bank's financial report for the quarter ended
March 31, 2006, is available for free at:

   http://bankrupt.com/misc/EPCI_17Q_Mar2006.pdf

                      About Equitable PCI

Equitable PCI Bank, Inc. -- http://www.equitablepci.com/-- is a  
universal bank formed from the consolidation of Equitable
Banking Corporation and PCI Bank on September 2, 1999.  EBC and
its subsidiaries provide a wide range of commercial, corporate,
and retail banking and financial services, including lending and
deposit taking, branch banking, international banking,
electronic banking, trade finance, cash management, and trust
and treasury services.  Aside from commercial banking, the Bank
also capitalizes in credit card, investment banking, leasing,
trust banking, and remittance business.

                          *     *     *

Moody's Investors Service gave Equitable PCI Bank's Subordinated
Debt and Long Term Bank Deposits 'Ba3' ratings effective May 25,
2006.

Standard & Poor's Rating Service gave Equitable PCI Bank's
senior unsecured debt a 'B' rating and its subordinated debt a
CCC+ rating.  


MAYNILAD WATER: CA Orders to Reinstate Employees' Status
--------------------------------------------------------
The Court of Appeals issued a ruling on July 18, 2006, ordering
Maynilad Water Services Inc. to reinstate five employees who
were illegally demoted from their supervisory status in 2001,
Manila Standard Today writes.

The five employees are:

   1. Armando Buco,
   2. Oscar Leonor,
   3. Edna Leyno,
   4. Serafin Obrero, and
   5. Anicia Trinidad.

They were hired by Maynilad on a probationary basis effective
Aug. 1, 1997, the same day it took control of the Metropolitan
Water Works & Sewerage System's West Zone Service Area.  On
August 3, 2004, the National Conciliation & Mediation Board's
voluntary arbitrator ordered the Company to acknowledge their
supervisory status prior to being absorbed from MWSS.

The Standard reports that Associate Justice Mariflor Punzalan
Castillo issued a 16-page decision affirming the arbitration
ruling, and rejected the Company's claim that the five employees
were considered as rank-and-file employees and were therefore
not entitled to benefits to supervisors under a collective
bargaining agreement between the Company and labor union
Maynilad Water Supervisors' Association.

                          *     *     *

Maynilad Water Services Inc., formerly known as Benpres-
Lyonnaise Waterworks, Inc., was incorporated on January 22, 1997
as a joint venture between the Parent Company and Suez-Lyonnaise
Des Eaux (now known as Suez Environnement), primarily to bid for
the operation of the privatized system of waterworks and
sewerage services of the Metropolitan Waterworks and Sewerage
System for Metropolitan Manila.

According to a report by the TCR-AP on Nov. 19, 2003, the
Company filed for corporate rehabilitation with the Quezon City
Regional Trial Court, saying it could not pay its debts after an
international arbitration panel's decision regarding the early
termination of Maynilad's water concession agreement with
Metropolitan Waterworks & Sewerage System.

On Aug. 6, 2004, the Rehabilitation Court directed Maynilad  
Water to submit a revised rehabilitation plan based on a full
draw of a US$120-million performance bond within a non-
extendable 30-day period or until September 6, 2004.  On  
Sept. 9, 2004, Maynilad Water, its shareholders, MWSS, and the
Department of Finance set out their intents in a Memorandum of
Understanding relating to the restructuring of:

   -- the financial obligation of Maynilad Water with various
      banks; and

   -- the unpaid Concession Fees of Maynilad Water under the
      Concession Agreement.

            Debt Capital and Restructuring Agreement

On April 29, 2005, Maynilad Water, its shareholders, bank
creditors, and MWSS executed a debt capital and restructuring
agreement to set out the terms and conditions of their
understanding and to govern their respective rights and
obligations in connection with the restructuring of the debt and
capital of Maynilad Water.  The DCRA provides, among others, the
capital restructuring and restructuring of debt and concession
fees of Maynilad Water, and will take effect upon the
satisfaction of precedent conditions set forth in the DCRA,
including Court approval.  The Rehabilitation Court approved the
DCRA on June 1, 2005, and the DCRA was effected on July 20,
2005.


METROPOLITAN BANK: First Quarter Net Income Increases 12.7%
-----------------------------------------------------------
Metropolitan Bank & Trust Company posted a consolidated
unaudited net income of PHP1.8 billion for the quarter ended
March 31, 2006, up 12.7% from the PHP1.6 billion net income
posted for the same quarter in 2005, according to the bank's
first quarter report filed with the Philippine Stock Exchange.

Net interest income, which represents 51.44% of the Metrobank
Group's net interest income and other income, improved by
PHP192.54 million or 4.28%, as interest income rose by
PHP554.90 million or 6.30% while interest expense increased by
PHP362.37 million or 8.42%.  Provision for impairment losses
booked for the first quarter of 2006 amounted to
PHP1.75 billion, while PHP651.75 million was provided for the
same period in 2005, or an increase of PHP1.10 billion.

Other income represented 48.56% of the Group's total net
interest income and other income.  Other income improved by
PHP1.43 billion or 47.50% from PHP3.00 billion for the first
quarter of 2005 to PHP4.43 billion for the first quarter of
2006.  The improvement in other income is mainly due to the
trading gains realized by Metrobank, as the parent company, and
its savings bank subsidiary from trading of government
securities.

Other expenses increased by PHP328.14 million or 6.46% to
PHP5.41 billion in the 2006 first quarter from PHP5.08 billion
in the 2005 first quarter.

Metrobank closed the first quarter of 2006 with unaudited
consolidated total resources of PHP570.47 billion, PHP15 billion
or 2.56% lower than the audited consolidated total resources of
PHP585.47 billion at the end of 2005.  About 75.76% of the
Metrobank Group's total resources consist of amounts due from
the Philippine Central Bank, interbank loans receivable and
securities purchased under resale agreements-net, available-for-
sale investments, loans and receivables-net, and investment
properties, which represent 5.04%, 9.94%, 13.07%, 45.60% and
5.61% of the Group's total resources, respectively.

Total liabilities dropped by 4.27%.  Deposit liabilities account
for about 82.94% of the Group's total liabilities.

Metrobank's financial report for the quarter ended March 31,
2006, is available for free at:

   http://bankrupt.com/misc/MBT_17Q_Mar2006.pdf

                         About Metrobank

Metropolitan Bank and Trust Company --
http://www.metrobank.com.ph/-- is the flagship company of the  
Metrobank Group.  Metrobank provides a host of deposit, savings,
and loan products as well as electronic banking services like
internet banking, mobile banking, and phone banking, as well as
its huge ATM network.  Metrobank is also the leading provider of
trade finance in the country, and its overseas branch network
has enabled it to service the fund remittances of Filipino
overseas contract workers.

The bank has 583 local branches and 35 international branches
and offices located in Taiwan, China, Japan, Korea, Guam, United
States, Hong Kong, Singapore, Bahamas, and in Europe.

                       *       *       *

On March 3, 2006, Troubled Company Reporter - Asia Pacific
reported that Standard and Poor's Rating Service assigned a CCC+
rating on its US$125-million non-cumulative capital securities,
whereas Moody's Investors Service Rating Agency issued a B-
rating on the same capital instruments.

Moreover, Moody's gave Metrobank a Ba3 Foreign Long Term Bank
Deposits and Subordinated Debt Rating effective May 25, 2006.

Fitch Ratings gave Metrobank a B- Subordinated Debt Rating.


METROPOLITAN BANK: Wants Stronger Remittance Business in Europe
---------------------------------------------------------------
As part of its efforts to strengthen its position as a lead
player in the international remittance market, Metropolitan Bank
& Trust Company recently consolidated its operations in Europe
handled by its remittance subsidiaries.

Metrobank's remittance companies include:

   -- Metro Remittance Center, S.A., in Spain, with another
      office in Barcelona;

   -- Metro Remittance Center (Italia) S.p.A. in Italy with
      offices in the key cities of Rome, Milan and Bologna;

   -- Metro Remittance UK in London; and

   -- MBTC Exchange Service GmbH in Vienna, Austria.

The bank believes that the set-up will further strengthen its
remittance business in Europe and allow it to tap new markets
for its other products and services.

Carmelita R. Araneta, head of Metrobank's International Offices
and Subsidiaries Group, stated that the move enabled Metrobank
to offer prompt and enhanced services to Filipino and Chinese
markets in the European region.  Ms. Araneta said that the bank
also expects more business as a result of increased marketing
efforts in the region.

In Spain, for example, Metrobank embarked on aggressive
marketing activities within the Chinese and Filipino
communities.  "This involves regular visits to far-flung areas
where Filipino and Chinese nationals are established and the
Bank's active participation in Filipino community sponsored
events," explained Ms. Araneta.

Metrobank currently enjoys market leadership in cities where it
has presence and aggressively continues to develop remittance
markets across the globe.

                         About Metrobank

Metropolitan Bank and Trust Company --
http://www.metrobank.com.ph/-- is the flagship company of the  
Metrobank Group.  Metrobank provides a host of deposit, savings,
and loan products as well as electronic banking services like
internet banking, mobile banking, and phone banking, as well as
its huge ATM network.  Metrobank is also the leading provider of
trade finance in the country, and its overseas branch network
has enabled it to service the fund remittances of Filipino
overseas contract workers.

The bank has 583 local branches and 35 international branches
and offices located in Taiwan, China, Japan, Korea, Guam, United
States, Hong Kong, Singapore, Bahamas, and in Europe.

                       *       *       *

On March 3, 2006, Troubled Company Reporter - Asia Pacific
reported that Standard and Poor's Rating Service assigned a CCC+
rating on its US$125-million non-cumulative capital securities,
whereas Moody's Investors Service Rating Agency issued a B-
rating on the same capital instruments.

Moreover, Moody's gave Metrobank a Ba3 Foreign Long Term Bank
Deposits and Subordinated Debt Rating effective May 25, 2006.

Fitch Ratings gave Metrobank a B- Subordinated Debt Rating.


METROPOLITAN BANK: Reorganizes Management Structure
---------------------------------------------------
Metropolitan Bank & Trust Company has unveiled major changes in
its management team, with founder George S. K. Ty taking the
helm as chairman of the Metrobank Group of Companies.

Antonio S. Abacan, Jr., was elected as the bank's chairman and
Arthur Ty was named as its president at an organizational
meeting of the Board of Directors.

Mr. Abacan has been Metrobank's president for 14 years before
being named chairman.  Together with George Ty, he has overseen
its growth as the country's largest financial institution with
over PHP585 billion in resources.

Mr. Ty has worked for the bank in various capacities for over 15
years -- from account officer at corporate banking to executive
vice-president as head of the consumer lending group.  He is
concurrently vice-chairman of Philippine Savings Bank and
director of Metrobank Card Corporation.

According to Metrobank, the change in leadership signals what
analysts say could lead to a more aggressive strategy for the
bank.  Industry pundits view this development to be positive for
Metrobank and its clients as it ensures a smooth transition and
continuity in the group's plans.

Rounding out the changes at the Board, Francis C. Sebastian and
Henry M. Sun were elected as Metrobank's vice-chairmen.
Mr. Sebastian is the president of First Metro Investment
Corporation while Mr. Sun is the senior executive vice-president
and head of the Metrobank's National Branch Banking Sector.

Former vice-chairman Placido L. Mapa, Jr., will take on a new
role as chairman of the Metrobank Board of Advisers.  Senior
executive vice-president Angelito M. Villanueva was also elected
as Director of the Board.

                         About Metrobank

Metropolitan Bank and Trust Company --
http://www.metrobank.com.ph/-- is the flagship company of the  
Metrobank Group.  Metrobank provides a host of deposit, savings,
and loan products as well as electronic banking services like
internet banking, mobile banking, and phone banking, as well as
its huge ATM network.  Metrobank is also the leading provider of
trade finance in the country, and its overseas branch network
has enabled it to service the fund remittances of Filipino
overseas contract workers.

The bank has 583 local branches and 35 international branches
and offices located in Taiwan, China, Japan, Korea, Guam, United
States, Hong Kong, Singapore, Bahamas, and in Europe.

                       *       *       *

On March 3, 2006, Troubled Company Reporter - Asia Pacific
reported that Standard and Poor's Rating Service assigned a CCC+
rating on its US$125-million non-cumulative capital securities,
whereas Moody's Investors Service Rating Agency issued a B-
rating on the same capital instruments.

Moreover, Moody's gave Metrobank a Ba3 Foreign Long Term Bank
Deposits and Subordinated Debt Rating effective May 25, 2006.

Fitch Ratings gave Metrobank a B- Subordinated Debt Rating.


METROPOLITAN BANK: Signs PHP3B Notes Facility Deal with SM Prime
----------------------------------------------------------------
Metropolitan Bank & Trust Company and SM Prime Holdings, Inc.,
have signed a facility agreement wherein SM Prime will issue
PHP3-billion floating rate notes due 2011.

The FRN, arranged as a private placement, was funded solely by
Metrobank.  First Metro Investment Corporation acted as the
Arranger.  The FRN is the largest fund raising of this nature in
the local debt market in recent years, the bank said.  Proceeds
from the issue will be used by SM Prime for general corporate
requirements.

The SM Prime FRN is among the major contracts signed recently by
the Metrobank Group.  Metrobank is seen to do more sizeable and
important deals with top-tier companies as part of its growth
strategy.  Recently, it reorganized its Account Management Group
to cater to different market segments including top tier
corporates, multinationals, middle markets, and entrepreneurial
entities.

                         About SM Prime

SM Prime Holdings, Inc., a part of the SM Group of Companies, is
the largest mall operator in the Philippines.  It was
incorporated on January 6, 1994, to develop, conduct, operate
and maintain the SM commercial shopping centers and all related
businesses, such as the lease of commercial spaces within the
compound of shopping centers.  The Company's main sources of
revenues include rental income from mall and food courts, cinema
ticket sales and amusement income from bowling and ice-skating.  
SM Prime currently has 25 SM Supermalls strategically located
nationwide with a total gross floor area of 3.4 million square
meters.

                         About Metrobank

Metropolitan Bank and Trust Company --
http://www.metrobank.com.ph/-- is the flagship company of the  
Metrobank Group.  Metrobank provides a host of deposit, savings,
and loan products as well as electronic banking services like
internet banking, mobile banking, and phone banking, as well as
its huge ATM network.  Metrobank is also the leading provider of
trade finance in the country, and its overseas branch network
has enabled it to service the fund remittances of Filipino
overseas contract workers.

The bank has 583 local branches and 35 international branches
and offices located in Taiwan, China, Japan, Korea, Guam, United
States, Hong Kong, Singapore, Bahamas, and in Europe.

                       *       *       *

On March 3, 2006, Troubled Company Reporter - Asia Pacific
reported that Standard and Poor's Rating Service assigned a CCC+
rating on its US$125-million non-cumulative capital securities,
whereas Moody's Investors Service Rating Agency issued a B-
rating on the same capital instruments.

Moreover, Moody's gave Metrobank a Ba3 Foreign Long Term Bank
Deposits and Subordinated Debt Rating effective May 25, 2006.

Fitch Ratings gave Metrobank a B- Subordinated Debt Rating.


=================
S I N G A P O R E
=================

AMAZON TIMBER: Court to Hear Wind-Up Petition on July 28
--------------------------------------------------------
The Management Corporation Strata Tile Plan No. 446 on
July 4, 2006, filed before the High Court of the Republic of
Singapore an application to wind up Amazon Timber Agency (Pte)
Limited.

The High Court will hear the wind-up petition on July 28, 2006,
at 10:00 a.m.

The Petitioner's solicitor can be reached at:

         M/s David Ong & Co.
         151 Chin Swee Road
         #08-14, Manhattan House
         Singapore 169876


APAC TECH: Enters Wind-Up Proceedings
-------------------------------------
On June 30, 2006, Evosys Technology Private Limited filed with
the High Court of Singapore a petition to wind up Apac Tech
Systems Private Limited.

The solicitors for the Plaintiff can be reached at:

         Ang & Partners
         150 Beach Road #32-00
         The Gateway West
         Singapore 189720


ASIA-PACIFIC BULK: Pays Dividend to Creditors
---------------------------------------------
Asia-Pacific Bulk Terminal Services Pte Limited has paid its
first and final dividend to creditors on July 14, 2006.

The creditors received 2.48 cents to a dollar on all their
admitted claims.

The liquidators can be reached at:

         Ramasamy Subramaniam Iyer
         Goh Thien Phong
         Chan Kheng Tek
         Liquidators
         c/o PricewaterhouseCoopers
         8 Cross Street #17-00
         PWC Building
         Singapore 048424


CIVIL GEO: Wind-Up Petition Hearing Slated for July 28
------------------------------------------------------
Nan Guan Metal Industrial Pte Limited, on June 30, 2006, filed
before the High Court of Singapore a petition to wind up Civil
Geo Pte Limited.

The High Court will hear the wind-up petition on July 28, 2006,
at 10:00 a.m.

The Plaintiff's solicitors can be reached at:

         Messrs Asialegal Llc
         20 Cecil Street
         #18-01, Equity Plaza
         Singapore 049705


LIANG HUAT: Appoints Independent Financial Adviser
--------------------------------------------------
Liang Huat Aluminium Limited appointed MS Corporate Finance Pte
Ltd as its independent financial adviser on July 18, 2006.

MS Corporate will advise independent shareholders on the
proposed whitewash resolutions, which were obtained by new
investor Ho Lee Group Pte Limited and associates from the
Securities Industry Council on June 2006.  As such, Ho Lee and
its partners will not be required to make a mandatory general
offer for all the remaining shares in Liangu Huat, which they do
not already own, following the allotment and issuance of new
Shares by the Company to Ho Lee.

The Troubled Company Reporter - Asia Pacific recounts that the
Ho Lee Group Pte Limited, and parties acting in concert with it,
have obtained a whitewash waiver from the Securities Industry
Council on June 2006.  As such, Ho Lee and its partners will not
be required to make a mandatory general offer for all the
remaining shares in Liang Huat, which they do not already own,
following the allotment and issuance of new Shares by the
Company to Ho Lee.

The Whitewash Resolution is subject to these conditions:

   * a majority of the Company's independent shareholders
     being present and voting at a general meeting held before
     the allotment of shares, approving a resolution to waive
     their rights to receive a general offer from the Ho Lee
     Group to acquire all the issued shares in the Company;

   * the Ho Lee Group abstaining from voting on the Whitewash
     Resolution; and

   * the Company appointing an independent financial adviser
     to advise the Independent Shareholders on the Whitewash
     Resolution.

On April 13, 2006, entered into a conditional investment
agreement with Ho Lee Group for a subscription of new shares in
the Company representing a controlling stake by Ho Lee.  Under
the Investment Agreement, the cash consideration in respect of
the Investment is SGD3,000,000 and is to be satisfied in full by
the allotment and issuance of 70% of all issued ordinary shares
of the Company on Completion credited as fully paid up.

Upon completion of the Investment Agreement, Ho Lee will own 70%
of all issued ordinary shares of the Company after taking into
account the number of shares that will be issued pursuant to the
modified restructuring scheme and Investment Agreement.

The completion of the Investment will take place five business
days after the fulfillment of the conditions precedent in the
Investment Agreement or such other date as the Investor and the
Company may agree in writing.

The Investment will be subject to the Company and the Purchaser
obtaining the necessary requisite regulatory and other
approvals, consents and waivers, which are set out in their
entirety in the Investment Agreement, which include:

   -- the Modified Schemes having been duly approved by the
      relevant Scheme Creditors and approved and sanctioned by
      the High Court and the respective Orders of Court relating
      to the approval of the respective Modified Scheme be
      lodged with the relevant authorities;

   -- the Company having obtained approval from the High Court
      to sanction the capital reduction of the Company;

   -- all necessary approvals by the Shareholders of the
      respective Modified Schemes, capital reduction, capital
      amalgamation, and the issuance of shares to the Investor;
      and

   -- the Investor not being obliged to make a takeover offer to
      the remaining shareholders of the Company in respect of
      all the remaining shares not already owned by the Investor
      or his concert party or parties, and if applicable, the
      grant of waiver by the Securities Industry Council from
      the requirements to make a general takeover offer to the
      remaining shareholders of the Company.

In the event that any of the conditions precedent in the
Investment Agreement cannot be fulfilled and are not waived by
the Investor or if the completion does not occur for any reason
by December 31, 2006, or such other date as the Investor and the
Company may mutually agree other than by reason of a breach by
the Investor of its obligation to complete, the Investor will be
entitled to such number of conversion shares constituting 29.0%
of all the allotted and issued shares of the Company.

The Company will make prompt and timely announcements of further
developments concerning the Modified Schemes and Investment
Agreement.

             About Liang Huat Aluminium Limited

Liang Huat Aluminium -- http://www.lianghuatgroup.com.sg/-- is  
a vertically integrated, professionally run group of companies
focusing on producing high quality aluminum products and
processed glass for both the industrial and construction
industries.  It also supplies and installs aluminum and
processed glass for major commercial and residential projects
mainly in Singapore.  Liang Huat was the subject of a wind-up
petition filed by Lim Ah Siong trading as Lian Siong Aluminium &
Trading on August 26, 2004.  Presently, the Company is
undergoing a financial restructuring exercise.  It is also
working a Scheme of Arrangement with its major creditor banks.


===============
T H A I L A N D
===============

CIRCUIT ELECTRONICS: SEC Files Fraud Action Against Five Execs
--------------------------------------------------------------
Five executives of Circuit Electronics are facing criminal
complaints from the Securities and Exchange Commission for their
alleged involvement of a fraud case worth THB3.44 billion, The
Nation reports.

According to the SEC Complaint, the five top executives were
suspected of criminal violations of the SEC Act, including
embezzlement, falsifying documents and accounting fraud.

The five Circuit Electronics executives who are facing the SEC
Action are:

    1. Siva Nganthawee, Chairman and Chief Executive Officer;

    2. Watjana Bhukaswan, Vice-Chairman;

    3. Sukit Nganthawee, Director;

    4. Lee Wolff, Managing Director; and

    5. Somboon Krishchanchai, Company Executive.

The Nation relates that the SEC found that the Company's
supposed foreign debtor, whom Circuit claimed had failed to
settle THB3.44 billion in debts between 2003 and 2005, did not
exist.

In addition, The Nation notes that there is evidence that the
five executives took part in irregularities, as they were
associated with the establishment of a company set up to collect
money from Circuit's customers.

Meanwhile, The Bangkok Post said that the SEC had already
forwarded the information to the Department of Special
Investigation for legal action and had blacklisted all five
executives from holding positions in any listed company.

                          *     *     *

Headquartered in Amphoe Uthai Ayutthya, Thailand, Circuit
Electronics Public Co. Limited -- http://www.cei.co.th/--  
manufactures and exports various integrated circuit and chip on
board for many kinds of electronic equipment such as mobile
phone, computer, automobile assembly, household electronic
equipment and others.  The Group operates in the United States
of America, Europe and Asia.

Circuit Electronics Industries Plc reported a net loss of
THB1.65 billion in fiscal year 2005, compared with the
THB1.55-billion net loss in 2004.


TOTAL ACCESS: Fitch Affirms BB+ LT Foreign Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has assigned on July 18, 2006, a National Long-
term debt rating of A(tha) to Thailand-based Total Access
Communication Plc's up to THB6 billion in new senior unsecured
debentures.  At the same time, the agency affirmed DTAC's Long-
term foreign currency Issuer Default Rating at BB+ and National
Long-term rating at A(tha).  The company's National Short-term
rating was also affirmed at F1(tha).  The Outlook on the ratings
is Stable.

The new debentures will be used to fund DTAC's working capital
and investment requirements as well as to refinance its maturing
debt.

The ratings reflect DTAC's:

    * strong market position

    * relatively solid financial position; and

    * the high level of commitment from Telenor ASA of Norway.

Telenor ASA is expected to result in an improvement in DTAC's
financial flexibility and maintenance of a more conservative
financial profile.

As a result of an aggressive marketing campaign, DTAC was able
to report record high net new subscribers of 1.15 million in
Q106 (representing 60% market share of total net new
subscribers).  Although the largest operator, Advanced Info
Service Plc, has stepped up its promotional activities since
March 2006, Fitch views that DTAC should be able to defend its
30% market share in cumulative subscriber base thanks to its
continued active marketing drive and expansion in network
coverage.

The ratings also take into account that the competition in
Thailand's cellular market will remain intense with operators
fighting for new subscribers in order to be prepared for the
introduction of an interconnection regime, expected in early
2007.  This is likely to result in a continued high network
investments by operators.  Other credit concerns include DTAC's
higher regulatory cost structure and uncertainties over the
regulatory environment of Thailand's telecoms industry,
particularly the recent draft regulation on foreign domination.

DTAC reported a relatively flat EBITDA of THB4.3 billion in Q106
as compared to the previous quarter.  While its service revenues
increased by 6% quarter on quarter to THB11.8 billion, this was
offset by higher sales and marketing expenses resulting from
stepped-up marketing activity as well as an increase in
regulatory costs.  

The strong cash flow from operating activities plus moderate
capex during the quarter led to a quarter on quarter decline in
its net debt level to THB35.9 billion at end-March 2006,
translating into net debt to last-12-month EBITDA of 2.2x.  
Although DTAC's debt level is likely to increase for the
remaining of the year as the company keeps investing to improve
its network, DTAC's continued strong operating performance
should keep its net debt to EBITDA ratio at a moderate level of
around 2.0x to 2.5x during 2006/2007.

                          *     *     *

DTAC is the second-largest cellular operator in Thailand with an
approximately 30% market share and strong brand recognition.  
With Telenor's recent purchase of a 39.9% interest in United
Communication Industry Plc and its subsequent tender offers for
UCOM and DTAC shares, Telenor lifted its aggregate economic
interest in DTAC to 70.2% from 40.3%. DTAC is Telenor's largest
acquisition in Asia and it ranks second in terms of EBITDA
contribution outside Norway.

Standard and Poor's gave the Company a BB+ Long-term local and
foreign issuer credit ratings.

DTAC's local and foreign issuer credit were both given a Ba1
rating by Moody's Investor Service.


* Exporters Told to Prepare for Volatile Financial Markets
----------------------------------------------------------
Virabongsa Ramangkura, chairman of the Export-Import Bank of
Thailand, warned Thai exporters to brace themselves for rising
volatility in the world financial markets and consumer markets
on a recent seminar on export trends, The Nation reports.

According to Dr. Virabongsa, export is the main growth engine of
the Thai economy but rapid changes in the global economy will
increase the pressure on exporters over the next several months.

"All of our previous assumptions that oil prices would ease and
US interest rates would flatten have proved wrong," The Nation
cites Dr. Virabongsa as saying.  "Today, oil is trading near
US$80 per barrel, inflation in the US is picking up, and the US
current-account deficit is at record highs."

Dr. Virabongsa added that even though Thailand's production
capacity was now running as high as 80%, new investment had
stalled due to market volatility.  He said the Exim Bank is
seeking to assist exporters and support efforts to develop
regional bond markets as a funding source for local companies.

The Nation relates that the Asian bond initiative -- a region-
wide program to strengthen Asian bond markets -- would assist
Thai companies with expanding abroad and penetrating overseas
capital markets, particularly in neighboring countries, like
Laos and Cambodia.  

Benjawan Ratanaprayul, the deputy director-general of the Export
Promotion Department, told The Nation that Thailand is the 24th
largest exporter in the world, with a market share of 1.17% of
global trade.  

Mr. Ratanaprayul said that high oil prices, baht appreciation
and delays in finalizing negotiations for free-trade agreements
with the U.S., Japan and other countries would all affect export
performance this year.  


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                       Total
                                           Total   Shareholders
                                           Assets      Equity
Company                        Ticker       ($MM)      ($MM)
------                         ------    ------------  ------

AUSTRALIA

Acma Engineering & Const.
   Group Limited                  ACX        21.39      -2.24
Allstate Explorations NL          ALX        12.65     -51.62
Austar United Communications Ltd. AUN       231.54     -52.58
Global Wine Ventures Limited      GWV        22.04      -0.84
Hutchison Telecommunications
   (Aust) Ltd.                    HTA      1696.65    -786.31
Indophil Resources NL             IRN        37.79     -69.96
Intellect Holdings Limited        IHG        23.98     -11.13
Namberry Limited                  NMB        15.12      -4.26
Orbital Corporation Limited       OEC        14.01      -4.86
RMG Limited                       RMG        22.33      -2.16
Stadium Australia Group           SAX       132.81     -45.03
Tooth & Company Limited           TTH        99.25     -74.39
Tourism, Hotels & Leisure Ltd.    TLC        15.76      -0.66

CHINA AND HONG KONG

Artel Solutions Group
  Holdings Limited                931        29.19     -18.65
Asia Telemedia Limited            376        10.89      -5.50
Anhui Feicai Vehicle Co. Ltd.     887       129.80      -7.00
Bestway International             718        25.00      -0.67
Chang Ling Group                  561        77.48     -76.83
Chengdu Book - A               600083        21.50      -3.07
China Liaoning International
  Cooperation Holdings Ltd.       638        25.79     -43.45
China Kejian Co. Ltd.              35        54.71    -179.23
Datasys Technology Holdings      8057        14.10      -2.07
Eforce Holdings Limited           943        10.31      -0.51
Everpride Biopharmaceutical
   Company Limited               8019        10.16      -2.16
Fujian Changyuan Investment
   Holdings Limited               592        31.36     -54.04
Gold-Face Holdings Limited        396       193.41     -28.41
Guangdong Meiya Group
   Company Ltd.                   529       107.16     -49.54  
Guangdong Sunrise Group
   Company Ltd-A                   30        35.98    -182.94
Guangdong Sunrise Group
   Co. Ltd-B                   200030        35.98    -182.94
Guangxi Wuzhou Zhongheng
   Group Co Ltd.                  557        62.19    -115.50
Hainan Dadonghai Tourism          613        19.74      -5.81
Hainan Dadongh-B               200613        19.74      -5.81
Hainan Overseas Chinese
   Investment Co. Ltd.         600759        32.70     -15.28
Hans Energy Company Limited       554        94.75     -10.76
Heilong Jiang Long Di Co. Ltd.    832       134.62     -61.22
Heilongjiang Sun & Field
   Science & Tech.                620        29.96     -49.18
Heilongjiang Black Dragon
   Co. Ltd.                    600187       121.30     -74.45
Hualing Holdings Limited          382       242.26     -28.15
Huda Technology & Education
   Development Co. Ltd.        600892        17.29      -0.19
Hunan Anplas Co., Ltd.            156        94.17     -65.04
Hunan GuoGuang Ceramic
   Co., Ltd.                   600286        87.44     -68.55
Innovo Leisure Recreation
   Holdings Ltd.                  703        13.68      -2.01
Jiangsu Chinese.com Co. Ltd.      805        15.86     -34.56
Jiangxi Paper Industry
   Co. Ltd                     600053        19.58     -12.80
Loulan Holdings Limited          8039        13.01      -1.04
Magnum International Holdings
   Limited                        305        10.35      -5.83
Mindong Electric Group Co., Ltd.  536        21.63      -1.50
New City (Beijing) Development
   Limited                        456       151.61     -19.15
New World Mobile Holdings Ltd     862       215.47    -126.57
Orient Power Holdings Ltd.        615       176.86     -64.20
Plus Holdings Ltd                1013        24.00      -3.15
Prosperity International
   Holdings (HK) Limited         8139        10.73      -2.45
Shandong Jintai Group Co. Ltd.  600385       19.58     -12.18
Shanghai Xingye Housing
   Company Ltd                 600603        14.90     -72.98
Shenyang Hejin Holding
   Company Ltd.                   633        83.18     -20.87
Shenz China Bi-A                   17        39.13    -224.64
Shenz China Bi-B               200017        39.13    -224.64
Shenzhen Dawncom Business Tech
   And Service Co., Ltd           863        79.84     -37.30
Shenzhen Shenxin Taifeng Group
   Co. Ltd.                        34        95.27     -44.65
Shenzen Techo Telecom Co., Ltd.   555        14.84      -6.25  
Sichuan Changjiang Packaging
   Holding Co. Ltd.            600137        13.11     -72.76
Sichuan Topsoft Investment
   Company Limited                583       113.12    -148.61
SMI Publishing Group Ltd.        8010        10.48      -7.83
Songliao Automobile Co. Ltd.   600715        49.56      -3.76
Sun's Group Manufacturing
   Company Limited                988       103.02     -72.80
Taiyuan Tianlong Group Co.
   Ltd                         600234        13.47     -87.63
Theme International
   Holdings Limited               990        22.46      -0.77
UDL Holdings Limited              620        12.48      -7.15
Wealthmark International
   (Holdings) Limited              39        11.32      -2.43
Winowner Group Co. Ltd.        600681        38.03     -62.88
Xinjiang Hops Co. Ltd          600090       101.34    -135.99
Yantai Hualian Development
   Group Co. Ltd.              600766        59.99      -7.66
Yueyang Hengli Air-Cooling
   Equipment Inc.                 622        49.89     -17.71
Zarva Technology Co. Ltd.         688       101.76    -102.01

INDIA

PT Dharmala Intiland             DILD       197.91      -6.62

INDONESIA

Ades Waters Indonesia Tbk        ADES        21.35      -8.93
Bukaka Teknik Utama Tbk          BUKK        44.45    -107.00
Hotel Sahid Jaya                 SHID        71.05      -4.26
Jakarta Kyoei Ste                JKSW        44.72     -38.57
Mulialand Tbk                    MLND       160.45     -19.82
Multibreeder Adirama Indonesia   MBAI        64.54      -2.31
Pakuwon Jati Tbk                 PWON       188.41     -50.78
Panca Wiratama Sakti Tbk         PWSI        39.72     -18.82
PT Steady Safe                   SAFE        19.65      -2.43
PT Toba Pulp Lestrari Tbk        INRU       403.58    -198.86
PT Unitex Tbk                    UNTX        29.08      -5.87
PT Voksel Electric Tbk           VOKS        44.01     -11.74
PT Wicaksana Overseas
   International Tbk             WICO        84.36     -32.88
Sekar Bumi Tbk                   SKBM        23.07     -41.95
Steady Safe Tbk                  SAFE        19.65      -2.43
Suba Indah Tbk                   SUBA        85.17      -9.18
Surya Dumai Industri Tbk         SUDI       105.06     -30.49
Unitex Tbk                       UNTX        29.08      -5.87

JAPAN

Hanaten Co., Ltd.                9870       167.79      -1.63
Mamiya-OP Co., Ltd.              7991       152.37     -67.11
Montecarlo Co. Ltd.              7569        66.29      -3.05
Nihon Seimitsu Sokki Co., Ltd.   7771        23.82      -1.10
Sumiya Co., Ltd.                 9939        89.32     -11.57
Tenryu Lumber Co., Ltd.          7904       187.75     -44.48
Tokai Aluminum Foil Co., Ltd.    5756       106.49     -12.55
Yakinikuya Sakai Co., Ltd.       7622        79.44     -11.14

MALAYSIA

CHG Industries Bhd                CHG        25.95     -41.38
Cygal Bhd                         CYG        57.63     -61.56
Comsa Farms Bhd                   CFB        63.60      -5.00
Consolidated Farms Berhad       CFARM        38.50     -11.55
Emico Holdings Bhd                EMI        42.56      -1.92
Jin Lin Wood Industries Berhad    JLW        21.68      -1.74
Mentiga Corporation Berhad       MENT        21.59     -13.41
Metroplex Bhd                     MEX       323.51     -49.28
Mycom Bhd                         MYC       227.68    -114.64
Lityan Holdings Bhd               LIT        28.86      -8.43
Olympia Industries Bhd           OLYM       255.84    -227.85
Panglobal Bhd                     PGL       189.92     -50.36
Park May Bhd                      PMY        11.04     -13.58
PSC Industries Bhd                PSC        62.80    -116.18
Setegap Berhad                    STG        34.44     -12.54
Tru-Tech Holdings Berhad          TRU        15.86     -16.71
Wembley Industries Holdings Bhd   WMY       118.32    -176.02

PHILIPPINES

APC Group Inc.                    APC        67.04    -163.14
Atlas Consolidated Mining and
   Development Corp.               AT        32.94     -35.77
Cyber Bay Corporation            CYBR        11.54     -58.06
East Asia Power Resources Corp.   PWR        92.55     -64.61
Fil-Estate Corporation             FC        33.30      -5.80
Filsyn Corporation                FYN        19.20      -8.83
Filsyn Corporation               FYNB        19.20      -8.83
Global Equities Inc.              GEI        24.18      -1.81
Gotesco Land, Inc.                 GO        17.34      -9.59
Gotesco Land, Inc.                GOB        17.34      -9.59
Prime Media Holdings Inc.        PRIM        11.12     -15.52
Prime Orion Philippines Inc.     POPI        98.36     -74.34
Swift Foods Inc.                  SFI        26.95      -8.23
Unioil Resources & Holdings             
   Company Inc.                   UNI        10.64      -9.86
United Paragon Mining Corp.       UPM        21.19     -21.52
Universal Rightfield Property
   Holdings Inc.                   UP        45.12     -13.48
Uniwide Holdings Inc.              UW        61.45     -30.31
Victorias Milling Company Inc.    VMC       127.83     -32.21
Vitarich Corporation             VITA        75.04      -4.27

SINGAPORE

ADV Systems Auto                  ASA        14.32      -8.54
China Aviation Oil (Singapore)
   Corporation                    CAO       211.96    -390.07
Compact Metal Industries Ltd.     CMI        54.36     -25.64
Falmac Limited                    FAL        10.90      -0.73
Gul Technologies Singapore
   Limited                        GUL       152.80     -27.74
Informatics Holdings Ltd         INFO        22.30      -9.14
L&M Group of Companies            LNM        56.91     -10.59
Liang Huat Aluminium Ltd.         LHA        19.30     -76.43
Lindeteves-Jacoberg Limited        LJ       225.52     -53.23
LKN-Primefield Limited            LKN       150.70     -12.72
Mae Engineering Ltd               MAE        11.42      -7.79
PDC Corporation Limited           PDC        11.63      -7.88
Pacific Century Regional          PAC      1381.26    -107.11
See Hup Seng Ltd.                 SHS        17.36      -0.09

SOUTH KOREA

C & C Enterprise Co. Ltd.       38420        28.05     -14.50
Cenicone Co. Ltd.               56060        36.82      -1.46
Everex Inc.                     47600        23.15      -5.10
EG Greentech Co.                55250       186.00      -1.50
EG Semicon Co. Ltd.             38720       166.70     -12.34
Inno Metal Inc.                 70080        28.56      -0.33
KP&L Company Limited             9810        15.03      -3.81
Radix Co. Ltd.                  16160        53.78     -17.69
Quality & Tech                  15260        32.33      -1.14
Shinil Industrial Co., Ltd.      2700        41.51      -3.44
Tong Yang Major                  1520      2332.81     -86.95

THAILAND

Bangkok Rubber PCL                BRC        70.19     -56.98
Bangkok Rubber PCL              BRC/F        70.19     -56.98
Central Paper Industry PCL      CPICO        40.41     -37.02
Central Paper Industry PCL    CPICO/F        40.41     -37.02
Circuit Electronic
   Industries PCL              CIRKIT        20.37     -64.80
Circuit Electronic
   Industries PCL            CIRKIT/F        20.37     -64.80
Daidomon Group Pcl              DAIDO        12.92      -8.51
Daidomon Group Pcl            DAIDO/F        12.92      -8.51
Datamat PCL                       DTM        17.55      -1.72
Datamat PCL                     DTM/F        17.55      -1.72
Diana Department Store Pcl      DIANA        12.71      -1.71
Diana Department Store Pcl    DIANA/F        12.71      -1.71
Everland Public Company Ltd      EVER        56.71    -311.47
Everland Public Company Ltd    EVER/F        39.12     -12.05
Hantex PCl                        HTX         7.51      -7.88
Hantex PCl                      HTX/F         7.51      -7.88
Kuang Pei San Food Products
   Public Co.                  POMPUI        12.51      -9.87
Sahamitr Pressure Container
   Public Co. Ltd.               SMPC        20.77     -28.13
Sri Thai Food & Beverage Public
   Company Ltd                    SRI        18.29     -43.37
Sri Thai Food -F                SRI/F        18.29     -43.37
Tanayong PCL                    TYONG       178.27    -734.30
Tanayong PCL -F               TYONG/F       178.27    -734.30
Thai-Denmark PCL                DMARK        21.37     -18.88
Thai-Denmark -F               DMARK/F        21.37     -18.88
Thai-Wah PCL                      TWC        91.56     -41.24
Thai-Wah PCL -F                 TWC/F        91.56     -41.24


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Catherine Gutib, Valerie Udtuhan, Francis
Chicano, Erica Fernando, Reiza Dejito, Freya Natasha Fernandez,
and Peter A. Chapman, Editors.

Copyright 2006.  All rights reserved.  ISSN: 1520-9482.
   
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